In which phase of the Risk Management Lifecycle do practitioners identify risks and create a foundational inventory?

In the Risk Management Lifecycle, the phase where practitioners identify risks and create a foundational inventory is the Identify phase. This phase is critical as it lays the groundwork for effective risk management by systematically recognizing and recording potential risks that could impact an organization. By cataloging these risks, organizations can develop a clearer understanding of the vulnerabilities they face and begin to prioritize them for further analysis and mitigation efforts.

During the Identify phase, various techniques can be utilized to discover risks, such as brainstorming sessions, interviews, surveys, and reviewing past incidents. This inventory then serves as a central reference point for the subsequent phases of the risk management process, which involve assessing the likelihood and impact of the identified risks, implementing controls, and continuously reviewing the risk landscape. The quality and comprehensiveness of the foundational inventory established in this phase significantly influence the effectiveness of the entire risk management lifecycle.