I am an Engineer by training, and I did consultancy for years doing risk assessments and the like. There are many types of risk assessments that you could do, depending on the complexity, and what you really need. Recently, I did a "What- If" risk assessment for myself if I were to become jobless, and I found some interesting facts. 


About What-if risk assessment There's a formula for risk: Risk = consequence x probability
A what- if risk assessment is essentially, looking at what will go wrong, determine its probability and consequences, then determine if this is risk is acceptable or unacceptable. For those risks that are unacceptable (consequence x probability is too high), actions need to be taken to minimise or eliminate the risk. 
To break down the steps of a what- if risk assessment, it involves first looking at what could go wrong....