The risk assessment is a baseline of national-level risk since this is an initial effort to assess IT Sector risks across all six critical functions. PLANNING. 2 Record of Revisions The following is a list of revisions made to this document. ANALYSIS. Risk assessment is a very important part of a project any activity. Qualify the risks a. Assess each risk for impact to the project if it does occur b. This is why there are Risk Assessment Forms that make clear what risks specifically the project or activity might just undergo. Notes: Risk assessment â the overall process of hazard identification, risk analysis, and risk evaluation. A