Once you’ve identified the potential risks to your project, you now need to sit down and assess each risk based on the probability of becoming reality and the impact they will have on the project if they occur. Rank the impact and probability of each risk as high, medium or low. High impact, high probability risks should be handled first, while risks with al low probability and low impact can be tackled last. Factor in the amount of time, money and work each risk will require to effectively manage.