4 powerful techniques used for assessing risks from a qualitative aspect:

1. Probability and impact assessment: Analyzing and rating risks using probability and impact on things like cost, schedule and performance.
2. Risk classify: Classify risks by common root causes to develop effective responses.
3. Risk urgency: The risk ranking from your probability matrix combined with urgency can help place risks priorities.
4. Expert judgment: Professional opinions from managers in the industry or with similar project experience.

Once risks are correctly identified, it is time to analyze them and prioritize that which will have the greatest impact on your project. Assessing the wrong list, or an incomplete data of risks, will do a damage on your business, so it is critical that you do the right moves.