Hi
As you can see in my profile I am an experienced performance management and strategy professional.
I work with risk assessment models since many years ago. As a matter of fact, I have been working for 7 years as regional manager of a performance management software, which includes a risk assessment module.
The model I can propose shall be similar to the one I have been working for the last seven years. A heat map (or heat matrix) where you have 2 variables, probability and consequence, and a risk score.
The risk factors should be able to grouped by tags or categories, and then you should be able to render a dashboard where you could have your risk factors and their status.
Some other features like palliative tasks to run should be also included.