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4 Types of Risk Identification

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Risk identification is the process of listing out potential future outcomes that result in losses. This is largely a creative process that imagines future problems. Risk identification also relies on the experience of professionals and subject matter experts who are well versed in how things can go wrong. It is also possible to leverage reference class forecasting whereby you use databases of historical real world issues to find risk. The following are common types of risk identification.

Creative Processes

Risk identification is first and foremost a creative process that involves imagining the future. It is common to include as many people as possible in risk identification including subject matter experts from critical areas to your project or strategy. For example, information technology projects might require a information security expert for risk identification.

Analysis

Techniques based on analysis of past issues and current trends.

Systems Thinking

Systems thinking is the practice of thinking through broad end-to-end impacts.

Failures

Patterns of risk identification failure.
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