During which phase of risk management do you assess and identify risks?

The assessment phase of risk management is the stage where risks are systematically identified and evaluated. This is a critical part of the risk management process because it involves gathering information to understand potential risks that could affect objectives or outcomes. During this phase, organizations analyze the likelihood of various risks occurring and the potential impact they may have.

This often includes techniques such as risk assessments, surveys, expert judgments, and other analytical methods to catalog risks in detail. By comprehensively assessing and identifying risks, organizations can prioritize them based on their severity and develop appropriate responses or mitigation strategies.

Understanding the significance of this phase is essential for creating a sturdy foundation for managing risks effectively, as it informs the subsequent planning and implementation of risk management strategies necessary for minimizing adverse effects.