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risk identification

Risk identification is the first step in the risk management process and involves the qualitative determination of risks that are material—that is, that potentially can impact the organization's achievement of its financial and/or strategic objectives.

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This is often done through structured interviews of key personnel by internal or external experts, reviews of contracts, inspection of facilites and othe property, study of the organization's business process maps, and other such activites.

Related Terms

A risk map is a graphical depiction of a select number of a company's risks designed to illustrate...