Identify Risks considers both individual project risks and sources of overall project risk.

Participants in risk identification activities may include the following:

project manager, project team members, project risk specialist (if assigned), customers,

subject matter experts from outside the project team, end users, other project managers, operations managers,

stakeholders, and risk management experts within the organization.

While these personnel are often key participants for risk identification, all project stakeholders should be encouraged to identify individual project risks.

It is particularly important to involve the project team so they can develop and

maintain a sense of ownership and responsibility for identified individual project risks, the level of overall project risk, and associated risk response actions.

When describing and recording individual project risks, a consistent format should be

used for risk statements to ensure that each risk is understood clearly and unambiguously

in order to support effective analysis and risk response development. Risk owners for individual project

risks may be nominated as part of the Identify Risks process,

and will be confirmed during the Perform Qualitative Risk Analysis process.

Preliminary risk responses may also be identified and recorded and will be reviewed and confirmed as part of the Plan Risk Responses process.

Identify Risks is an iterative process, since new individual project risks may emerge as

the project progresses through its life cycle and the level of overall project risk will also change.

The frequency of iteration and participation in each risk identification cycle will vary by situation, and this will be defined in the risk management plan.