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Identify Risks

A structured effort to uncover specific risk events and the sources of overall project risk, and to capture their attributes so they can be analyzed and managed.

Key Points

  • Performed iteratively across the project life cycle to continually surface new risks.
  • Engages the project team, subject matter experts, and stakeholders for broad coverage.
  • Common techniques include brainstorming, interviews, checklists, document and assumption analysis, SWOT, and prompt lists.
  • Outputs include updates to the risk register (individual risks, causes, triggers, categories) and the risk report (overall risk sources).

Example

During a construction project kickoff, the project manager facilitates a workshop where the team lists potential material shortages, permitting delays, and weather impacts, records causes and warning signs for each, and notes systemic drivers like market volatility that raise overall project risk.

PMP Example Question

In a risk workshop, the team compiles a list of potential cyber threats, notes triggers and causes, and discusses factors that could increase overall project exposure. Which process is being performed?

  1. Identify Risks
  2. Perform Quantitative Risk Analysis
  3. Plan Risk Responses
  4. Monitor Risks

Correct Answer: A - Identify Risks

Explanation: The activity focuses on discovering individual risks, recognizing sources of overall risk, and documenting their characteristics.

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