It is not unusual for organizations to have risk identification workshops and surveys. These are great and can be quite valuable. Some of the risks identified in these workshops can be labeled strategic (along with operational, financial, etc.). The problem with this risk identifier dilemma is that these are, at best, only the risks to the objectives and not the risks to the basic business model.
Asking the Business Model Risk Dimensions
In a world of strategic disruption and change, better questions lead to better strategic risk identification. To really identify the risks that can have major disruption, organizations need to think about the basic business model, value chain, customer value proposition, customer channels, segments, customer perceived and needed product/service dimensions, etc. These business model risks are much more likely to be the largest and real strategic risks.