Risk Strategy and Identification

What is risk? Risk is the exposure to any loss, damage or any negative occurrence caused internally or externally.

Risk is present everywhere all types of projects.
But when software projects are considered risk usually increases.

In order to avoid any type of uncertainty, software risk analysis and management processes must be done in order to make the software project or software product more successful. The challenge is, how to change customer requirements, technologies and all other things related to the project to get the overall success? Risk is a potential problem. It may or may not happen. But regardless of it, it is the best way to mention out all possible risks, prioritize them, find their impacts on the project and then plan how to manage risks if it actually occurs.

Risk identification and assessment are the steps, in fact series of steps that helps the team and the management to understand and face the unwanted outcome.
Usually there are two types of strategies that are reactive strategy and proactive strategy.

In reactive strategy the software team or the project managers do not prepare themselves in any way to face any type of uncertainty.

They wait until any problem occurs. They take those risks so lightly and think that they will face them and handle those problems in some heroic way.
But usually in real time environment when some negativity comes and nothing is already planned then software team has no idea what to do next therefore they do work in haphazard way which may cause situation more critical.

On the other hand pro-active strategy is considered as a more intelligent strategy.

In this team already identified, analyzed and documented all types of risk and how to manage them in any situation. So when ever any unwanted situation occurs, team already has some idea and a document to be followed.
All we know is that risks are always present and the main task is to avoid them in a better way. So by pro-active strategy, the team is enabling to respond the situation in controlled and effective manner.
What is Risk Identification? It is the finding of possibilities which may expose the project to the something negative.

Finding of such possibilities can be done by arranging meetings with clients as well as with other stockholders of the project. Mention, categorize and prioritize all possible factors which may affect the project in any way.

Risk identification can be done by creating a checklist which is the some sort of subset of possible risks which may attack the system. Like product size, technology to be built, overall costs, delivery date, development environment, project team experience, project scope, etc.