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Risk Identification Is An Underdeveloped Art

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"Risk identification is an underdeveloped art” Discuss and include an overview of risk identification aids and techniques in your answer.
Introduction:-
Risk is a vital necessity in which both change and innovation occur and in an everlasting developing economy businesses must change, adapt, and innovate in either or service or goods. However, like art, risk takes time and effort in calculating and producing a meaningful quantity out of in which you have to take the probability of a bad scenario occurring and also the amount of damage that it will create to the firm. However saying this risk depends a lot on the type of person you are if you are risk averse or not, people who are risk averse tend to go away from risk, however, this may cause a loss of opportunity in which the firm could have created a good profit. On the other hand if someone is too risk driven then that also could be very harmful to the business.
It is clear that it is in fact very hard to identify when risks should and should not be taken, thinking of the word “undeveloped” risk is something that has always been thought of, however, when did people start actually start feeling the impact of risk, mainly during the 2007 economic crash that was due to people taking too much risk with the mortgages market in which due to the amount of money they were profiting from moral hazard and adverse selection came into play and mortgages were basically being handed out even to people who should not have had the

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