Guild of Project Controls: Compendium | Roles | Assessment | Certifications | Membership

Risk Identification

This determines which risks are likely to affect the project, and documents the characteristics of each. The Risk identification procedure relates specifically to the following activities:
  • Identify, as exhaustively as practicable, all significant types and sources of risk and uncertainty;
  • Ascertain the possible causes of these risks; and
  • Assess how these risks are related to others and how they will be classified and grouped
Two distinct forms of risk identification are used: Informal Risk Identification where potential risks are continuously identified by specialists as the programme proceeds; and Formal risk identification – workshops using the following techniques:
  • Free brainstorming;
  • Structured brainstorming;
  • ‘What can go wrong’ analysis;
  • Prompt lists; - Use of records / structured interviews / hindsight reviews
The project team will work with the project parties to identify those risks most likely to affect the project. The following typical classification of risks will be considered and expanded upon:
  • Construction risks,
  • Physical risks,
  • Contractual and legal risks,
  • Performance risks,
  • Economic risks,
  • Political and public risks.

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