You are conducting a risk assessment for a midsized financial institution\'s IT infrastructure, which includes legacy systems that are critical for daily operations. The institution is planning to undergo a digital transformation initiative to modernize its IT environment and enhance operational efficiency. However, there are concerns about the potential risks associated with the migration process, including data loss, service disruptions, and compliance breaches. Describe how you would apply risk assessment tools and techniques to evaluate the risks inherent in the digital transformation initiative. Discuss the importance of conducting thorough impact assessments and scenario analyses to anticipate potential outcomes and develop contingency plans. Furthermore, explain how you would collaborate with key stakeholders, such as IT personnel, business leaders, and regulatory experts, to ensure that the risk assessment process is comprehensive and aligned with the institution\'s strategic objectives and regulatory requirements.