"Impact + Urgency = Priority" this is used to determine the priority.
IMPACT URGENCY PRIORITY Extensive/Widespread Critical Critical Significant/Large High High Moderate/Limited Medium Medium Minor/Localized Low Low
Hope this will help you.
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This is something which depends on your organizations change process. It varies as per the location.
Below links may help you in this regard.
The Pulse blog on risk management will be of use I think:
Also a quick Google gives some good results. Below are a few which I think are useful and relevant here:
- Look at the section "business risk and impact analysis" in this document.