Hi Viraj,

A good point to discuss. Here i am sharing my views after a research on the topic. According to that research there are few steps as below,
1- Documentation Reviews
2- Information Gathering Techniques like Brainstorming, Delphi Technique, Interviewing, Root cause analysis
3- Checklist analysis – previous similar project, lowest level RBS
4- SWOT Analysis
5- Expert Judgment.

In past lectures and from forum discussion i would suggest the SWOT analysis is one of the easy and result oriented method for risk management.