Characteristics or features of risk identification

Question

Briefly list out seven important characteristics or features of risk identification?

Answer 1

a) This is unlikely that one specific technique of identification will be adequate to address all the problems of risk caused by any company.

b) Task of matching the technique to the risks, that are thought to exist, is significant.

c) Prior to embarking on the task of risk identification, the risk manager must recognize the people whom he considers could be of aid in the task he has to execute.

d) It must not be a one-off exercise.

e) This should be financially reasonable.

f) Precise record keeping should accompany any of the risk identification.

g) The certain element of imagination is needed.