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In this paper risk identification is investigated as a basic stage in risk management. The risk identification phase as the first stage in the risk management process is presented and its leading role for effective risk management is proved. The basic terms that are necessary for building of the frame approach for risk identification are defined: sources of risk‐hazard, factor‐peril‐resources exposed to risk. A classification of risk sources – physical, social, political, operational, economic, legal and cognitive environment – is proposed. It allows covering all types of risk facing the organisation. A grouping of the resources exposed to risk such as physical, human, and financial resources is introduced. It is based on a practical consideration of the risk situations in the organisations.