I am supposed to create a risk assessment using the hypothetical below. I don't quite understand how this works, what kind of threats can I possibly list and how high is the risk. please help me understand this

Hypothetical:

Cougar Medical Center (CMC) is the premier healthcare facility in San Marcos and serves over 250,000 patients annually. CMC has hosted all IT systems internally, but the Board of Directors wants to move as many systems as possible to cloud-based platforms to save money. You are the Chief Information Security Officer (CISO) and need to assess the risk of moving systems to the cloud. You should also assess the risks associated with maintaining existing self-hosted systems. Finally, you should consider any other business risks that relate to IT systems.

IMPROBABLE LOW MEDIUM MEDIUM HIGH RISK IS UNLIKELY TO OCCUR -1- - 4- -6- - 10- POSSIBLE LOW MEDIUM HIGH EXTREME RISK WILL LIKELY OCCUR -2- -5- -8- - 11 - PROBABLE MEDIUM HIGH HIGH EXTREME RISK WILL OCCUR -3- -7- -9- - 12 - LOW ASSET MEDIUM RISK LEVEL KEY HIGH RISK SEVERITY KEY EXTREME RISK LIKELIHOOD KEY 0 - ACCEPTABLE 3- INTOLERABLE EXTERNAL RISK RATING KEY ACCEPTABLE IMPROBABLE LOW 1 - ALARP (as low as reasonably practicable) 2 - GENERALLY UNACCEPTABLE INSIDER TOLERABLE POSSIBLE SEEK SUPPORT OK TO PROCEED MEDIUM TAKE MITIGATION EFFORTS PLACE EVENT ON HOLD TRUSTED INSIDER UNDESIRABLE PROBABLE HIGH SEVERITY INTOLERABLE EXTREME ACCEPTABLE TOLERABLE UNDESIRABLE INTOLERABLE LITTLE TO NO EFFECT ON EFFECTS ARE FELT, BUT SERIOUS IMPACT TO THE EVENT NOT CRITICAL TO COURSE OF ACTION OUTCOME AND OUTCOME COULD RESULT IN DISASTER LIKELIHOOD IMPROBABLE LOW MEDIUM MEDIUM HIGH IT RISK ASSESSMENT MATRIX TEMPLATE TRY smartsheet fo REF/ID RISK TYPE ASSET RISK DESCRIPTION RISK SEVERITY RISK LIKELIHOOD INTERNAL IMPACT USER IMPACT TRIGGER MITIGATIONS / WARNING REMEDIES EXTERNAL ACCEPTABLE IMPROBABLE LOW MEDIUM INSIDER TOLERABLE POSSIBLE MEDIUM HIGH TRUSTED INSIDER UNDESIRABLE PROBABLE HIGH EXTREME INTOLERABLE PROBABLE EXTREME LOW IMPROBABLE LOW MEDIUM MEDIUM HIGH RISK IS UNLIKELY TO OCCUR -1- - 4- -6- - 10- POSSIBLE LOW MEDIUM HIGH EXTREME RISK WILL LIKELY OCCUR -2- -5- -8- - 11 - PROBABLE MEDIUM HIGH HIGH EXTREME RISK WILL OCCUR -3- -7- -9- - 12 - LOW ASSET MEDIUM RISK LEVEL KEY HIGH RISK SEVERITY KEY EXTREME RISK LIKELIHOOD KEY 0 - ACCEPTABLE 3- INTOLERABLE EXTERNAL RISK RATING KEY ACCEPTABLE IMPROBABLE LOW 1 - ALARP (as low as reasonably practicable) 2 - GENERALLY UNACCEPTABLE INSIDER TOLERABLE POSSIBLE SEEK SUPPORT OK TO PROCEED MEDIUM TAKE MITIGATION EFFORTS PLACE EVENT ON HOLD TRUSTED INSIDER UNDESIRABLE PROBABLE HIGH SEVERITY INTOLERABLE EXTREME ACCEPTABLE TOLERABLE UNDESIRABLE INTOLERABLE LITTLE TO NO EFFECT ON EFFECTS ARE FELT, BUT SERIOUS IMPACT TO THE EVENT NOT CRITICAL TO COURSE OF ACTION OUTCOME AND OUTCOME COULD RESULT IN DISASTER LIKELIHOOD IMPROBABLE LOW MEDIUM MEDIUM HIGH IT RISK ASSESSMENT MATRIX TEMPLATE TRY smartsheet fo REF/ID RISK TYPE ASSET RISK DESCRIPTION RISK SEVERITY RISK LIKELIHOOD INTERNAL IMPACT USER IMPACT TRIGGER MITIGATIONS / WARNING REMEDIES EXTERNAL ACCEPTABLE IMPROBABLE LOW MEDIUM INSIDER TOLERABLE POSSIBLE MEDIUM HIGH TRUSTED INSIDER UNDESIRABLE PROBABLE HIGH EXTREME INTOLERABLE PROBABLE EXTREME LOW