Identifying Risks
When you identify risks, your goal is to list all of the significant potential risk events that could affect the outcome of the project.
For managing risk, there is one more component to consider:
A risk factor is a situational factor that has been identified as leading to a risk. Risk factors should be identified early and projects should be reviewed regularly to ensure that no significant risk events are overlooked. Repeat the risk identification process on a regular basis, as part of your key checkpoints or key milestones. When developing the list of risks, be thorough, but realistic.
To begin, first look for risk factors such as poor estimates, requirement changes, or design errors. You can then determine possible events from these factors.
When you identify the timing when a risk event can occur consider whether it is a one-time risk or if the risk can occur more than once. Most risks identified early in a project are one-time risks, but consider a risk of not being able to complete a step in the project because a client does not provide you with data that they are obligated to provide monthly. Every month there is a chance of missing a delivery to your project so that the frequency of this risk is monthly.