Operational Risk Management (ORM) is an effective measure and a set of procedures to conserve resources while, at the same time, achieving organizational goals and missions. Hazard identification is the foundation of the entire ORM process. Obviously if a hazard is not identified it can not be controlled. The effort expended in identifying hazards will have a multiplier effect on the impact of the total ORM process. This paper reviews 7 primary tools. They are Operations Analysis, Preliminary Hazard Analysis, The What If Tool, Scenario Process, Logic Diagram, Change Analysis and The Cause and Effect Tool. There are generally no right or wrong selections of tools, knowledge and experience will help in making the choice.