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In this study we develop a Risk Identification method based on Value Chain Dynamics Toolkit (VCDT) and apply it on Risk Analysis of HIP protocol in simple host-server scenario. The new Risk Identification method consists of following steps: Definition, Solutions & Actors, Deconstruct, Illustrations and Risks -Threats & Vulnerabilities. Mind maps (with templates) and visualization tools (e.g. Powerpoint) are used as aid. The HIP Risk Analysis revealed no new risks inherent to protocol itself. Adoi:10.1145/1842752.1842794 dblp:conf/ecsa/SaaskilahtiS10 fatcat:7qpoc64625atjnc62ctdu47eu4