Techniques for risk identification

The initial risk identification can involve a combination of one of the following activities:

1. Environment scanning and corporate appraisal.
2. Market intelligence gathering and management information system.
3. Critical incident investigation.
4. Process audit.
5. Periodic checks and inspection.
6. Examining project plans and supply chain maps for identifiable vulnerability.
7. Conducting formal risk assessment especially for high value projects.
8. Employing 3rd party audit and risk consultants.

Risk identification should be an on-going process as the organization‘s contractual risk profile may continually change presenting new risks or turning slight risks into potential crisis. A comprehensive list of identified risks should be compiled on a risk register for major
contracts.