There will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. When attempting to organize any and all risks for the purposes of attempting to determine what the best strategy in dealing with them may be, the logical first step in the process is to actually make a thorough and careful identification of what exactly these risks are expected to be. Specifically speaking, the risk identification process is one in which all of the potential and likely risks that may arise. This identification process usually involves a session of intense discussion followed by careful documentation and categorization of the risks.
This term is defined in the 3rd edition of the PMBOK but not in the 4th.