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Yes.

Risks are identified by using the risk identification process. An unidentified risk is a danger lurking out of your sight and waiting to attack the project. The significance of the risk identification process cannot be explained enough. Organizations have whole departments whose sole purpose is to identify and mitigate risks. I guess, this is enough to quantify how important risk management is to large organizations. Similarly, from the perspective of running a project as a project manager too, risk management is extremely important and to do that effectively, first you need to identify those risks.

You use the risk identification process to accomplish the following tasks:

• Identify which risks might affect the project at hand

• Document the characteristics of the identified risks in a document called the risk register

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Q: Is identifying threats part of risk management?
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Related questions

Which of the following is not a part of risk management Identifying threats or Reducing risk to an acceptable level or Protecting a person's personal assets or Protecting the organization's assets?

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