The aims of this phase of RAMP are to

• identify all significant types and sources of risk and uncertainty associated with each of the investment objectives and the key parameters relating to these objectives
• ascertain the causes of each risk
• assess how risks are related to other risks and how risks should be classified and grouped for evaluation.

This is a crucial phase. If a risk is not identified it cannot be evaluated and managed.

The process of searching for and responding to risks is iterative. First each risk analyst attempts to list the risks associated with each objective, key parameter, major 'deliverable' or principal activity within that risk analyst's area of focus. It is essential that every aspect of the investment is analysed by risk analyst team. The first attempt should be from first principles without the use of checklists or prompts, to avoid constraining the process of discovery. The resulting risks are listed in the risk register.

After this the risk analysts should repeat the exercise with the help of the risk matrix and other prompt aids.

Resulting risks should then be listed in the risk register for subsequent review and analysis, with a tentative indication of the significance of each risk ('clearly significant', 'possibly significant' and 'probably insignificant') and inter-relationships between risks.

Some or all of the risk analysts, and others who can make a valuable contribution, are next brought together for a brainstorming session to review the risks previously identified and to flush out further risks. The risk register is extended and revised in the light of the results of the brainstorming.

Having identified as many risks as practicable, it is necessary to classify and if appropriate group risks to assist in their evaluation.

The analysis and understanding of risk groupings and relationships is often aided by representing them in the form of precedence influence, risk/response or other diagrams, which should be appended to the risk register with suitable cross-references. Any new assumptions identified at this stage should be entered into the assumptions list.