Next, give each risk a rating: high, medium and low. Low risk items need to be considered, but there is a smaller chance that they will cause the entire project to go off the rails. Medium risk items are ones that could cause issues, but that there is still a lower chance that they will cause your project to fail. High risk items are the problems that take the most precedence. They can cause your project to fail, and you need to plan for these risks ahead of time.
Within this list, you also need to consider what are the chances that these problems will actually occur. If they are a high risk item and they are likely to occur, these will be given higher priority to those that are a low risk to the project, but have a higher priority to occur.
Why, you may ask? Well, low risk items are not going to overly adversely affect your project. So, even if these risks do occur, they are something that probably can be quickly fixed during the course of the project. But, if an item has a high risk of adversely your project and there is a high probability that these risks will occur, this could cause your project to completely fail.
Since you cannot tackle everything, you want to deal with the items that have the most chance of causing your project to not succeed.