What common mistake is made early in the risk identification process?

The identification of risks is a crucial initial step in the risk management process, and focusing solely on events that could lead to consequences is a common pitfall. This approach narrows the perspective of risk analysis by limiting the discussion to specific triggering events rather than considering a broader range of potential risks. By concentrating too heavily on particular events, project teams may overlook or underestimate other significant risks that are not directly associated with immediate or identifiable outcomes.

For effective risk management, it is essential to recognize that risks can manifest in various forms, including external factors or systemic issues that are not tied to a particular event. A more comprehensive approach to risk identification involves evaluating a wider array of potential risks, including those with lower likelihood but severe impacts, and capturing insights from historical data and past projects. This broader perspective helps ensure that the project team prepares for potential issues that may not present themselves as specific events but could still adversely affect the project's success.