The four steps to risk identification
On Wednesday 17 October, VinciWorks ran its first risk identification masterclass in an impressive Central London venue, the Law Society. Facilitators, experts Dean Hughes and Karla Gahan, focussed on risk identification, one of the key steps of Enterprise Risk Management (ERM). They gave guidance to delegates on how to better facilitate risk conversations, reveal awkward risks and black swans, and present those risks to the leadership with clarity and insight. This class provided delegates with the skills and confidence required to identify risks at a whole new level through a safe and constructive process.
What is risk identification?
Risk identification is the term used to describe the process of collecting, collating, classifying, refining, aggregating and disseminating risks. It is a critical step in the ERM process and takes place within the context of the risk framework. While one-off workshops and department-wide meetings play a role in risk identification, the process itself is ongoing and should be revisited on a regular basis.
