DOI: 10.36347/sjebm.2022.v09i04.001

Pages: 63-69

Risk is part of every human endeavor. Risk Management area has grown many folds in past decade in direct proportion to the number of projects undertaken. The number of projects in all the sectors have increased to fulfil the quest towards a better and more and more productive, convenient and evolved life - and is termed as ‘development’ and ‘growth’. With such increase in growth rate, the number of capital and resource intensive projects have also increased across all the sectors. Today for organizations, the competition, customer expectations, and developments in automation, IT technologies and concurrent engineering methods - all are pushing the project durations to fraction of durations they used to take a decade ago. Also with improvement in skills & competencies and communication and conveyance infrastructure getting hi-tech, today more and more projects are being managed from multiple locations within country or multiple locations spread across the globe. A business with an effective risk process will experience fewer surprises as it deploys the forward-looking radar of risk management. This research work is focused on the Risk Identification step of the risk management process. Risk management is high on the agenda for forward-thinking firms due to the increased pace of change, client demands, and market globalization. In today's economy, a thorough risk management strategy is required to stay afloat.