How to identify risks? - SilverBulletRisk - Deepstash

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How to identify risks? - SilverBulletRisk

silverbulletrisk.com

Risk register

Before you start risk management, it is important to identify the risks the company is exposed to.
Establish a catalogue of risks or a"risk register"

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A risk can be defined as an effect of uncertainty on the objective. It is a different outcome from what you expected and can address, create or result in opportunities and threats.

  • Risk is not an expected adverse development. If you expect the outcome, it is not a risk.
  • ...

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  • Threat – the source of the risk event that causes uncertainty.
  • Risk exposures – the amount that theoretically is at risk if the threat becomes a reality.
  • Risk – the collection of threats/causes and exposures that are treated ...

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Identifying as many risks as possible often leads to not being able to manage it all properly.

  • First, identify the risks with the largest potential loss or financial impact. Then collect smaller risks together that can be managed as a group. Smaller risks have minor financial co...

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One method is to ask the people with knowledge about the functioning of the organization, what could go wrong. It can be done using brainstorming, questionnaires, self-reporting etc. 

The second class of methods are more analytical and engineering methods. These methods are used to find hidden c...

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