Step 2 — Risk identification
Risk identification means thinking about what could go wrong when you are delivering your objective.
2.1 Identify the risks
Use the to analyse the environment, establish current issues and consider future risks. The SWOT matrix analysis tool provides a structured way to consider internal and external strengths, weaknesses, opportunities and threats. Ask yourself ‘what can go wrong?’
Consider whether it would be beneficial to involve key stakeholders when conducting your SWOT analysis.
2.2 Consider causes, consequences and opportunities
Consider each risk in more detail and identify:
- Causes: what would cause it to go wrong?
- Consequences: what are the impacts if it does go wrong?
- Opportunities: what can go right?
2.3 Record your risks
Review risks periodically and update the risk register accordingly.
Reviewed 25 March 2021