The analysis of scientific literature has demonstrated that the risk of the collapse or deformations of flexible retaining walls has not been the object of in-depth examination so far. The article presents geotechnical risks falling into five categories considering their origin. A case study was conducted to identify the risks of flexible retaining walls. In order to determine the risk of installation flexible retaining walls, the authors of the article referred to the personal interview approach, brainstorming and the cause and effect diagram. The novelty of the article is focused on investigating identification possibilities of the risk of installation flexible retaining walls and suggests risk identification in the risk management flow of the flexible retaining wall installation process.