Identify Risks is the process of determining which risks may affect the project and documenting their characteristics.

 

The key benefit of this process is the documentation of existing risks and the knowledge and ability it provides to the project team to anticipate events.

 

Participants in risk identification activities may include the following: project manager, project team members, risk management team (if assigned), customers, subject matter experts from outside the project team, end users, other project managers, stakeholders, and risk management experts.

 

While these personnel are often key participants for risk identification, all project personnel should be encouraged to identify potential risks.

 

Identify risks is an iterative process, because new risks may evolve or become known as the project progresses through its life cycle.

 

The frequency of iteration and participation in each cycle will vary by situation.

 

The format of the risk statements should be consistent to ensure that each risk is understood clearly and unambiguously in order to support effective analysis and response development.

 

The risk statement should support the ability to compare the relative effect of one risk against others on the project.

 

The process should involve the project team so they can develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions. Stakeholders outside the project team may provide additional objective information.