The existence and orientation of risks in a software development life cycle is a fundamental truth despite the effort that we incur in eliminating them. Having known that, risks can be reduced but can't be eliminated completely; gives strength yields the thinking to focus on the avoidance and mitigation in software development. The mitigation and avoidance both: require the risk factors to be identified first before they can be considered for any manipulation. This paper focuses on the identification of suitable methodology to identify risks. Three identification techniques, namely EK, Q and DC have been investigated with the help of a comprehensive questionnaire to identify the suitability level of each identification technique.