Glossary definition: Risk Identification (Ri)

Risk Identification (Ri): Identifying Potential Risks

Risk Identification (Ri) is the process of identifying and understanding potential risks that may affect an organization, project, or process. This process typically involves the identification of both internal and external factors that may have an impact on the organization, project, or process. Risk identification involves analyzing the environment and the organization's activities to identify potential risks. It also involves the analysis of internal and external data to identify potential risks. The process includes the identification of the sources of risk, the assessment of the probability of occurrence, and the evaluation of the consequences of the risk. The purpose of risk identification is to identify and prioritize risks that need to be addressed, so that the organization can manage them effectively.