Risk assessment is one of the five components of internal controls that plays an important role in organizational performance, as well as financial performance, especially during covid 19. On the other hand, the fourth industrial revolution and big data have a great impact on the business environment that implies a lot of challenges and opportunities. Based on this, this study pursues to determine the impact of risk assessment on the financial performance of the firm and to establish the degree of influence of risk assessment on improving the firms' performance, in particular financial performance, during covid 19 in Egypt. The proposed model for measuring the influence of risk assessment on the financial performance of the firm is developed based on previous studies. The risk assessment is measured by the existence of the risk management department and the whistleblower policy and financial performance is measured by leverage, return on assets, profit per share, and the financial statement irregularities. The findings of the study reveal that there is a significant relationship between risk assessment and financial performance, besides, risk assessment is a vital tool to resist emergencies in the future. The results of the study show that Egyptian enterprises need to pay more attention to risk assessment to improve their financial performance in consideration of the control environment.