HKSM

The risk management activity of systematically discovering, describing, and recording all plausible project risks by applying a variety of techniques.

Key Points

• Conducted early and revisited throughout the project or each iteration.
• Uses methods like brainstorming, interviews, checklists, prompt lists, RBS, SWOT, and assumptions/constraints analysis.
• Engages the project team and key stakeholders to capture diverse perspectives.
• Outputs initial entries in the risk register: clear risk statements, causes, potential impacts, categories, and triggers.

Example

During sprint planning for a payment feature, the team holds a risk workshop and identifies items such as API rate limits, PCI compliance changes, integration defects, and resource gaps, then records each risk with an owner and next steps in the risk register.

PMP Example Question

During a workshop, the team lists uncertain events that could affect the schedule and quality, notes their causes and categories, and adds them to the risk register. Which process are they performing?

1. Perform Qualitative Risk Analysis
2. Risk Identification
3. Monitor Risks
4. Plan Risk Responses

Correct Answer: B — Risk Identification

Explanation: Compiling and documenting risks is part of identifying risks, not analyzing, monitoring, or planning responses.