@Charisse Salim I am not an authority in the subject, I would have loved to see responses from other professionals here to learn as well. However, if it may help, there is a great article by Duke Okes on risk ranking in relation to ‘risk-based thinking’. Although it is not directly related to your question, I think it could help in understanding matters risk in an organization.

Risk Analysis: Probably you can start looking into the intended use of the product, based on that you can identify certain hazard and estimate risks associated.

Risk evaluation :Evaluate the Risks- both positive ( Opportunities) and negative .

Risk control : Come out with Certain controls- Implement the measures.

Again Re evaluate for next sets of potential risks and continue the cycle.

I'm no expert at this as others have stated. But in my experience we do risk/opportunity assessments on a case-by case basis. I attached the form I use at my current position. It's simple and easy to use. It also has a unique page where if 2 departments end up butting heads on an assessment, the CEO gives the final decision on the issue. By all means use this if you find it useful, plagiarism runs rampant in Quality circles.

@Charisse Salim
I would begin with a survey of your leadership and key managers. What do they see as major risks? Next take this list and use a cross function team to score each risk on both likelihood and severity. Just high-medium-low would be good. More risks may come up as you use your cross functional team. I hope this helps you get started. Another person who you may want to link with is Greg Hutchins:

@Dominic Mwata Thanks for the article. It was definitely a good read. I like the idea of risk ranking the NC's, it can help an organization prioritize major focus areas for more efficient and effective allocation of resources rather than trying to address all findings at once.

@Vinod Sankaran Thank you for the feedback. In practice and in theory, I understand the risk evaluation better than the opportunity determination.

Any further guidance on determining opportunities? It would be much appreciated.

@Larry Cichelli Thank you. The document was very helpful at a glance. I am thinking this can be built out into a running report where processes/activities/occurrences can be assessed as individual line items using the risk and opportunities matrix. The end result will be a holistic overview of the company's risk vs opportunities.

Any further thoughts on this approach? Thank you

@Douglas Wood Hello, thank you for the feedback. I will certainly look into it.