Identify Risks
Identify Risks is the process of determining which risks may affect the project and documenting their characteristics. It is performed iteratively throughout the project.
Explanation
Identify Risks is a critical process that produces the initial entries in the risk register and contributes to the risk report. It involves systematically finding, recognizing, and describing risks that could have a positive or negative effect on one or more project objectives.
Common techniques include brainstorming, interviews, checklists, root cause analysis, SWOT analysis, assumption and constraint analysis, prompt lists, and document analysis. The Delphi technique (now called expert judgment with anonymity) can also be used to reduce bias. All project team members, stakeholders, and subject matter experts should be encouraged to participate.
This process is iterative because new risks emerge as the project progresses, deliverables are produced, and the environment changes. Each iteration may refine previously identified risks or uncover entirely new ones. The goal is to build a comprehensive, living inventory of risks rather than a one-time list.
Key Points
- •Iterative process performed throughout the project lifecycle
- •Uses brainstorming, interviews, checklists, SWOT, and root cause analysis
- •Produces initial risk register entries and updates the risk report
- •All stakeholders and team members should participate in identification
Exam Tip
Identify Risks is the only risk process that is explicitly iterative by definition in the PMBOK. Expect questions about when and how often to revisit risk identification.
Frequently Asked Questions
Related Topics
Risk Register
The risk register is a project document that records the details of individual project risks, including their identification, analysis results, response plans, and current status.
Risk Report
The risk report is a project document that presents information on overall project risk as well as summary information on individual risks. It is progressively developed throughout the risk management processes.
Risk Categorization
Risk categorization is the grouping of risks by their source, affected area, or other useful criteria to identify concentrations of risk exposure and common root causes.
Risk Breakdown Structure (RBS)
A risk breakdown structure (RBS) is a hierarchical representation of potential sources of risk, organized by category and subcategory, used to structure and guide the risk identification process.
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