Stage Two: Identifying and Analysing the risksIn this part of assessment, you are required to analyse the risks identified in Stage One. You are also required to develop an action plan for the treatment of risks, and communicate it to relevant parties. You need to analyse the potential risks and analyse them from various viewpoints. Firstly, you need to look at the likely consequence or impact of the risk event, and secondly you should look at the likelihood of the risk event occurring. Then you need to look at the level of risk and decide which risks need treatment.