A hazard can be defined as any real or potential condition that can cause operation degradation, injury, illness, death to personnel or damage to or loss of equipment or property. Hazard identification is the first step and foundation of the entire operational risk management process. It is obviously that if a hazard is not identified, it is then can not be controlled. The effort expended in identifying hazards will have a multiplier effect on the impact of the total operational risk management process. This study investigated 7 basic hazard identification tools which include Operations Analysis, Preliminary Hazard Analysis, The ”What If” Tool, Scenario Process, Logic Diagram. The Change Analysis, The Cause and Effect Tool. Most of the tools indicated can be used in a variety of creative ways to help identify real or potential hazards. Through further continuous operational risk management process designed to assess and control the risk, the risk could therefore be reduced, mitigated, or eliminated while enhancing performance and maximizing operation capabilities.