I identify risks from high to low and everything in between. I believe managing risk is a balancing act which takes time and skill to master. What you may not perceive is a high risk and miss-categorize it as a low or medium risk, could come back to bite you later on in the project. Risk avoidance or putting a risk off during each phase of a project does not do you or the project justice. Sooner or later, a risk needs to be addressed and mitigated so it should be managed as early on in the project as possible. If all high risks are mitigated down to mediums and lows, that would be acceptable for some projects and not acceptable for others.