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2) Double click on the project to edit, click on the Risk Configuration tab. Risk is turned off by default. 

The default Risk Configuration uses your existing Priority field values.
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The Priority columns for Requirement Risk Configuration and TestScript Risk Configuration tables are populated from the Priority Picklist.
The Calculated Risk columns for Requirement Risk Configuration and TestScript Risk Configuration tables  are populated from the values in the Sort Order field and are reversed.
If you have a Priority that has a value of 0 , this is not displayed in the Calculated Risk values.
The values are populated from the Priority Picklist  (Sort Order field) and are reversed removing the 0. These values are just default values and can be changed at any time. 

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