Analyzing Business Continuity for Return on Investment by William Million

Author:William Million [Million, William]
Language: eng
Format: azw3
Publisher: William A. Million, MBCP, CORM
Published: 2014-01-02T05:00:00+00:00

10.1.1 Risk Identification

Risk identification is aimed at identifying all key operational risks within the businesses. Comprehensive identification using a well-structured process is critical, because a potential risk not identified at this stage is likely to be excluded from further analysis, therefore leading to potential surprises, which, of course, should be avoided. The identification phase should include all key risks, irrespective of whether or not they are perceived to be under control.

The most basic form of visually recording the risk identification process is supported by a spreadsheet. For all processes under consideration, all the key risks are listed on this sheet, an indication is given how often the risk event happened, existing controls are outlined, the name of the risk owner is filled in, and the priority of the risk event is estimated.

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