When answering this question, it's important to demonstrate a systematic approach to risk identification. Start by explaining the methodologies you use, such as SWOT analysis, PESTLE analysis, or risk assessment frameworks. Provide examples of how you've applied these methods in past roles to identify risks. Mention the importance of stakeholder engagement and data collection in the risk identification process. Conclude by discussing how you prioritize risks based on their potential impact and likelihood, and how you communicate these risks to the relevant parties.
Example: "In my previous role, I used a combination of SWOT analysis and PESTLE analysis to identify potential risks. For instance, during a project to launch a new insurance product, I conducted workshops with key stakeholders to gather insights and data. This helped in identifying regulatory, market, and operational risks. I then prioritized these risks based on their potential impact and likelihood, and developed a risk mitigation plan which was communicated to the project team and senior management."
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