This step is where you identify where, when, why and how scenarios could represent risk to your business. A comprehensive, structured system is critical to ensure risks are not overlooked.

• Generate a comprehensive list of sources of risks with potential to damage your business and/or hinder the achievement of your objectives
  
  
• Explore a wide range of possible causes and scenarios

• Approaches used to identify risks include checklists, judgments based on experience, flow charts, brainstorming, systems analysis, scenario analysis and systems engineering techniques