You met with your department manager, a few of the stakeholders, and the sponsor last week to review the list...

You met with your department manager, a few of the stakeholders, and the sponsor last week to review the list of possible risks. They accepted most of your risks and agreed that the next step was the assessment. There was some confusion, however, over how that step should be completed. Apparently, a prior project manager did a poor job with risk assessment and felt that it was an unnecessary activity. This resulted in the project encountering several risks and always being in fire-fighting mode. Several of the stakeholders (who were impacted most by this mode) want a much more formal approach taken to risk assessment (as does the CEO).