THERE ARE SEVERAL STEPS TO TAKE when performing a risk assessment. You start by clearly defining what you will assess. This involves describing the system. You then collect data to identify threats and vulnerabilities. These threats and vulnerabilities help you identify the risks.
Then identify countermeasures or controls that can mitigate the risks. Evaluate in-place and planned controls. Finally, evaluate and recommend additional controls. You can support these recommendations with a cost-benefit analysis.