Risk Identification Risk identification is the initial step in the risk management process. It involves the identification of potential risks that could negatively impact an organization's ability to conduct business. This could include risks related to financial uncertainty, legal liabilities, strategic management errors, accidents, natural disasters, and so on. Example In an organization, risk identification can be carried out by conducting brainstorming sessions with team members, carrying out SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, and consulting industry reports and news. The identified risks can be documented in a risk register.