Risk identification is the first step in risk management. We need to identify both project and product risk by using certain techniques. Some of the most common techniques which can be applied to identify different risks are using risk templates, interviewing the stakeholders, project retrospectives etc.
You should try to include as many stakeholders as you can to identify different risk because the broadest range of stakeholders will provide the maximum risk items associated to the product.
Several formal techniques like Failure Mode and Effect Analysis (FMEA) and Failure Mode Effect and Criticality Analysis (FMECA) are used to find the risk. These techniques identify the effects of the risk if in case that becomes an outcome. The effects can be on people,society, users, customers etc.