Certification in Risk Management Assurance (CRMA) Practice Exam 2025 - Free CRMA Practice Questions and Study Guide

The process of identifying potential risk events is correctly defined as risk identification. This fundamental step in the risk management framework focuses specifically on recognizing and documenting any potential risks that might impact the success of an organization or project.

Risk identification aims to create a comprehensive list of potential risks by utilizing various techniques such as brainstorming sessions, interviews, checklists, and historical data analysis. This ensures that organizations can proactively recognize risk factors, which is essential for effective risk management.

Once potential risks have been identified, they can then be assessed, prioritized, and managed through subsequent processes like risk assessment and risk mitigation. However, the primary focus of risk identification is strictly to uncover and catalog those risk events before they are analyzed or addressed in any other way.

Understanding this foundational step is crucial for anyone involved in risk management, as it lays the groundwork for all other risk management activities.