RISK IDENTIFICATION AS A COMPONENT OF THE RISK MANAGEMENT PROCESS IN BUSINESS

Abstract

The article examines the essence and components of the risk management process. It is determined that one of the main stages of the risk management process is their identification – establishing a list of major types of risks. The reasons that motivate modern organizations focus on risk identification are substantiated. The Cambridge Taxonomy of  Business Risks has been analysed, which describes the entire business  landscape faced by organizations, allows identifying existing and potential risks, to build common approaches to communication about them. The main  types of business risks within the Cambridge University taxonomy are financial, geopolitical, technological, environmental, social and managerial.  The approaches of organizations in Ukraine to risk identification are analysed. The list of various methods, tools and techniques that allow you to  identify the most important risks in the activities of any organization is studied. The most widely used are: brainstorming, stakeholder surveys, Delphi method, affinity chart, SWOT analysis, structured. What if method (SWIFT), scenario analysis, checklist, preliminary hazard analysis, hazard study and performance (HAZOP), hazard analysis and critical control points (HACCP), causation analysis, etc. The result of risk identification is a list of existing and potential risks that have or may have a significant impact on the effectiveness of business activities and the achievement of goals by theorganization. It is important to form the most complete list of all possible risks, focusing not only on threats, but also on opportunities that can ensure the sustainable competitiveness of the organization.