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Risk Identification - Essay Example

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Risk Identification

For anything to qualify as an art, it is essential that an element of subjectivity lies therein. Subjectivity hitherto refers to lack of objective and empirical explanation for the factors that might be involved in the undertaking. These do tend to be absent from the dynamic identification of risk at certain junctures.
Here comes the viewpoint of considering it as underdeveloped. The fact of the matter is, that classifying the true potential of a subjective quantity is never really possible - hence making risk identification an essentially underdeveloped art. It may not be taken as a negative feature, but rather as inherent trait. It is partially developed in the context that certain integral features of the process of risk management have been actualized, and can be subsequently applied to any school of thought wanting to get a risk identification for itself. However, it is reasonably underdeveloped in the context of protective and speculative abilities. After all, the primary purpose of risk identification is to rid oneself off it and possibly avoid a remission of the same. However, the complex dynamics of every operating system, man or machine, makes it a magnanimous task to recognize all possible risks.
Wikipedia explains the process of risk identification, "...
It is partially developed in the context that certain integral features of the process of risk management have been actualized, and can be subsequently applied to any school of thought wanting to get a risk identification for itself. However, it is reasonably underdeveloped in the context of protective and speculative abilities. After all, the primary purpose of risk identification is to rid oneself off it and possibly avoid a remission of the same. However, the complex dynamics of every operating system, man or machine, makes it a magnanimous task to recognize all possible risks.
Risk Identification - Domain
Wikipedia explains the process of risk identification, "After establishing the context, the next step in the process of managing risk is to identify potential risks. Risks are about events that, when triggered, will cause problems. Hence, risk identification can start with the source of problems, or with the problem itself."
This explains the rationale of how things are taken, and hopefully, preempted. After this, it is desirable for the analysis of the risk to be taken. These can be further of two types:
1. "Source analysis Risk sources may be internal or external to the system that is the target of risk management. Examples of risk sources are: stakeholders of a project, employees of a company or the weather over an airport.
2. "Problem analysis Risks are related to fear. For example: the fear of losing money, the fear of abuse of privacy information or the fear of accidents and casualties. The fear may exist with various entities, most important with shareholder, customers and legislative bodies such as the government" (Wikipedia).
Risk Identification - Methods
Risk identification factors can be multifaceted in their origin. "The chosen method of ...Show more

Summary

Broadly speaking, Risk Management is the process of measuring or assessing risk and then developing strategies to manage the risk. Though a vast science now in its own right, risk management can be plainly understood as a process involving the following:
The essence of risk identification lies in the true understanding of the term risk…
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