Risk identification is the foundational step in risk management, employing techniques such as workshops, interviews, checklists, loss event analysis, and environmental scanning to uncover potential threats and opportunities. Effective identification requires broad participation, structured methodologies, and consideration of both internal and external sources. The process should be continuous rather than one-time, adapting to changing contexts. Pharmaceutical companies conduct comprehensive risk identification during drug development, examining clinical trial failures, regulatory approval uncertainties, manufacturing complications, patent challenges, and market adoption issues through cross-functional team assessments.