Risk identification
Risk identification finds and describes uncertainties, events or conditions that could affect objectives. A useful description links relevant causes, the possible event and its consequences, rather than listing vague labels such as technology or competition. Input can come from staff, stakeholders, incident experience, process reviews, scenario analysis and external developments. Analysis and evaluation follow identification, although the activities can be revisited together.
Worked example
Instead of recording supplier risk, a team records that dependence on one overseas component supplier could interrupt production if transport routes close, delaying customer deliveries and cash receipts.
Common mistake
Do not confuse identifying a risk with proving it will occur or with completing all assessment and response work.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | SBL | Direct | September 2026–June 2027 |