Chapter 8 - Risk identification

Question 1

Risk identification tools

Answer 1

SWOT analysis
Risk checklist
Risk prompt list
Risk taxonomy
Case studies
Process analysis

Question 2

Risk identification techniques

Answer 2

WIG BIDS

W Working groups
I Independent group analysis
G Gap analysis

B Brainstorming
I Interviews
D Deplphi techniques
S Surveys

Question 3

Examples of emerging risks

Answer 3

Power shifts in world economies
Contagion in assets markets
insurance claims from
   Development in nanotechnology
   Mobile phones
   Climate change
   Changes in longevity
Social media (storage/dist of information)
Guarantees in financial products
non-linear dependencies between known risks

Question 4

Identification and analysis

Answer 4

Horizon scanning is key tool
Expertise
Balance RM with credibility of evidence
Monitor dependencies and reduction in diversification

Question 5

Four key inter-related trends causing risk management challenges

Answer 5

Globalisation
Technology
Changing market structures (deregulation)
Restructuring