There are numerous ways to identify risks. The way you choose always depends on the type of risks you deal with (all company wide risks, security, project risks, health and safety, etc.), on your experience and on the overall starting situation.
It should also be emphasized that there is no single right way and in practice a combination of different methods and techniques is used. There is no single right way. The only thing that matters is identifying the right set of real, essential risks in your conditions.
The most used methods and techniques of risk identification
- A basic technique to start with if you have nothing else. A risk list based on practice and observation will certainly be a good starting point
- Brainstorming is usually the second technique that pops up in mind when it comes to risk identification. One of the best techniques. Plan your brainstorming questions in advance.
- If you have an incident log available, this is a great starting position. From them, you can definitely identify the risks due to which incidents occur. This is good way for example for OSH (work accidenta analysis) or for IT security (security incident analysis) or analysis of insurance claims.
Process analysis, know your processes
- Poor processes are one of the key sources of risk and therefore process analysis is a useful resource for their identification
Asset analysis, know your assets and workplace
- Like processes, assets are also a key source of risk. It is a common method in information security. For example, dangerous factors in the workplace.
- Select key stakeholders. Plan the interviews. Define specific questions. Document the results of the interview.
- If your company has a list of the most common risks. It is recommended to use risk checklists that are common in your industry (industry standard list of risks)
Threats and Vulnerabilities analysis
- Risk analysis technique usual in IT security risk management
- This technique is a creative and beneficial exercise. Similar to common brainstorming. Participants are asked to brainstorm risks. I ask participants to write each risk on a sticky note. Then participants sort the risks into groups or categories. Finally, each group is given a title.
Cause and effect diagrams
- Cause and Effect diagrams are a powerful source for risk identification. You can use this simple method to help identify causes-facts that give rise to risks. And if we address the causes, we can reduce or eliminate the risks