Instructions
Instructions:
1. Answer ALL questions.
2. Write clearly and show all reasoning for theoretical questions.
3. Provide references to applicable risk frameworks or standards where relevant.
4. Submit via myUnisa before 23:55 on the due date.
Question 1
Question 1: Risk Identification [15 Marks]
Define risk identification and explain why it is a critical first step in the risk management process. Provide two real-world exa
Answer 1
Answer 1:
Risk identification is the process of systematically identifying potential events that may affect an organisation’s ability to achi
Examples:
1. In banking, risk identification might involve reviewing loan portfolios to detect credit risk exposure to volatile sectors.
2. In construction, site inspections may reveal operational risks such as machinery hazards or material delays.
This step ensures a proactive approach to managing both threats and opportunities.