Qapsule (Learn, Perform, Excel) Episode 02: Risk Identification

A risk is ‘an uncertain future event’ that may have an impact on organisational goal. It may or may not necessarily occur. Moreover, Impact can be positive or negative. An enterprise risk assessment is a carefully constructed, constantly evolving, and regularly executed process within the organization that examines business or strategic risks, both positive and negative, and prioritizes them using a combination of qualitative and quantitative methods to understand the influence a risk will have on the organization. Enterprise risk management generally involves three main steps, namely Risk Identification, Risk Assessment and Risk mitigation. Risk Identification involves the preparation of an exhaustive list of all possible risks that may impact the objectives of any Business Unit or may threaten business continuity drivers.