Risk identification techniques are varied and depend on the organization. However, some of the most common methods include:
-Risk ranking -This technique ranks risks by their likelihood and impact, and then takes steps to mitigate those with higher scores first.
-Scenario planning - This entails imagining what could go wrong if a risk materializes, so as to identify potential solutions or actions that may be taken in such an event.
-Fuzzy analysis - In this approach, probabilities for outcomes are estimated through qualitative means rather than strictly quantitative ones; it is also used when there is no clear "yes" or "no" answer to a question posed about whether something will happen