Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your...

Risk is inherent part of business and helps a business to transform itself. Identification of risk is crucial for any transformation and success of business. Timely and comprehensive identification of risk can offer deep insights to pivot the business strategy to enhance the profits and minimise any damages. Whether it a multi-billion-dollar business that is running all across the world or perhaps a fast-growing start-up, identification of risk is absolutely crucial in order to survive the test of time and thrive in the market dynamics. Specifically, according to the lectures and cases covered in Week 1, I will apply below mentioned risk identification techniques. I strongly believe that both these techniques are very effective in not only pointing out the problem or potential area of damage but also help the business build a strategy to shield from this risk to surface again in future.
Root Cause Analysis (RCA) Technique - First risk identification techniques that I can leverage is to find out what is the source of the problem and actually what is the risk to the business. Root Cause Analysis (RCA) of any problem that might have occurred in existing...