Theoretically, yes: a risk has multiple factors that you can trade off against each other. The challenge with "assess and evaluate the risk" is, that this is not about your gut feeling and limited personal experience, but about hard data.
Avalanche risk in alpine ski touring is a good example. The physics of snow are complex but well understood, there's a ton of data collected over decades, many professionals working on that risk assessment, resulting in a complex set of rules to make decisions depending on daily specialized local avalanche weather reports, exposition, time of day, slope, and many more. There are thick books about evaluating this risk, decision making flow charts, methods to mitigate certain factors. You take classes about this.
Nevertheless about 100 skiers perish per winter in avalanches in the Alps because they don't understand or don't want to follow the rules. The psychology of "the wreck/mountain is here and now, I can't wait another year, I want to do it now, screw the rules" is always there. They talk about taking an informed decision but what they actually do is just follow their gut feeling and normalize deviance.