Risk identification

Once risk planning has been completed, the next stage is to start the process of risk identification. Figure 11.2 shows the inputs, tools and techniques and the sole output for the risk identification process. As in the production of the risk management plan, the task of identifying the project risks is predominately conducted by the project manager, key stakeholders, the sponsor and the project team. Extra assistance can also be gained from subject matter experts, although everyone should be encouraged to identify risks when they are seen. The first iteration of the risk identification process cannot start until the project scope statement and WBS have been created, but a good starting point could be the risks identified within the preliminary project scope statement generated by the sponsor. The whole process does not stop with the production of the initial risk register. Work continues to constantly review and revise the identified risks, because updating the risk register is an iterative process. Always try to involve the project team with the regular risk reviews, because this will encourage a level of ownership and responsibility towards the risks and their associated responses. As you move through the project’s lifecycle, more risks may be identified, while others noted may disappear in time.

Figure 11.2. The risk identification process

The risk register is the foundation of managing risks effectively. It contains both known knowns and known unknowns, but any risk not in the register is in effect an unknown unknown, the most dangerous kind of risk. It is vital that all risks identified go into the risk register. The tools and techniques are explained in the text. Adapted from PMBOK Guide (p.246)

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