How to Identify Risk
1. Determine risk thresholds for the project—establish a minimum dollar amount and time duration considered significant for the project under evaluation.
2. Focus on identifying large significant risks that affect project objectives.
3. Carefully document and describe risks in a risk register (see Exhibit 2-4)
4. Characterize risks in terms of impact and probability. Note: High-impact risks with low probabilities should be of particular interest to the Project Risk Manager.
Tips for Risk Identification
· Determine, for your project, what constitutes “significant” risk.
· Thoroughly describe the risk; there are forms on the following pages to help with this, or you may create your own.
· Include specialty groups and/or other persons who may have meaningful input regarding the challenges the project may face.
· Determine who “owns” the risk and who will develop a response.