Risk is the uncertainty around what is expected as an outcome. In the context of business analysis, this means that the risks need to be analyzed in terms of their priority to the business stakeholders and to collaboratively find ways to mitigate or decrease the likelihood of a risk eventuating. There are different types of risks that should be understood by the business analyst. 

There are project-specific risks that affect the ability of the project team to deliver as expected. Then, there are also operational or business risks that exist as a consequence of the proposed solution or change introduced by the project or initiative. These risks need to be addressed in alignment with the proposed solution and changes to ensure the risks identified are acceptable and managed according to the wider organizational risk appetite.

An example of project risk is as follows: Due to additional and unexpected scope in the functionality required for the solution, there is a risk that the project team cannot deliver by the originally agreed delivery date.

An example of business risk is as follows: A risk has been identified in that highly skilled employees may leave the organization because their roles are being changed by the implementation of the new sales management solution.

Now that we have discovered the key terms used and their meanings, it is time to explore who the key stakeholders are that play an active role within the projects we deliver as business analysts.