Risk assessments are a cornerstone of every dynamic business operating in a highly regulated sector with a constantly changing external environment. You will need multiple risk assessments covering different aspects of your business, with owners varying according the dimension being risk assessed.
Not every business has the resources to buy in a system for their risk assessment. In practice most, even large firms, run their risk assessments on Excel, its flexible, relatively cheap, and the vast majority of staff can use Excel.
The challenge will all risk assessments is having something that is all encompassing but not requiring a small army to complete it; being easy to compare year on year but not so high level that no risks can ever be identified.