Phase 1 – Risk identification
Risks need to be uncovered
Identifying potential risks to your company is the starting point of risk management, as only known risks can be dealt with. To avoid 'corporate blindness', the team formed for this task should represent the largest possible range of sectors and skills that exist within the company. This range allows the most significant risk aspects to be considered, in turn ensuring that the risk management program meets the required quality level. The range also supports discussion of issues relating to the analysis’ clarity and creates a new awareness of existing risks that have previously been given no/too little attention.