Risk identification is the "process of finding, recognizing, and describing potential risks."
Risk identification is
[t]he determination of which risks are likely to affect the project and the documenting of the characteristics of each risk. Risk identification is not a one-time event; it is performed on a regular basis throughout the project's life cycle. Risk identification must address both internal and external risks.
[t]he activity that examines each element of the program to identify associated future root causes, begins the documentation, and sets the stage for their successful management.