The early identification of current and emerging risks, with their causes and effects, is the foundation of a solid enterprise risk management (ERM) program.
As outlined in my last blog, risk identification is the first major step in the ERM process. In the risk identification stage, even the smallest, most unusual or unlikely risks can be important to capture. That's because they may shed light on patterns, practices and trends that interrelate, or are yet to unfold. The first key step of the ERM process is to develop a list or catalog of risks using all available resources, leaving "no stone unturned."
The ERM "rock-lifting" process can be daunting, especially when risk-related issues are being examined for the first time. Here are some problem-solving techniques, or "heavy lifting tools," that can be helpful.
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