List the most apparent risks associated with the project. If you must, do this alone – but try to involve others in one or more brainstorming sessions if possible.
Think of risks as any event that, if it happens, could jeopardize the required deliverables in terms of quality, cost, or timing. There are many categories of risk, so think broadly and err on the side of including.
First identify a description of all risks. As you complete this list and being to think you have everything included, you will need to prioritize the risks. The best and most commonly accepted way is to assess each risk as to its likelihood of occurrence and the seriousness of impact. Likelihood and impact at the highest level could be low, medium, and high, but you can adjust this to accommodate your project.
After prioritizing based on likelihood and impact, think about and document mitigating actions that you might take, should the risk occur. This is one of the biggest added values you can add to the project!