A lot of enterprise applications are available for the end users to use in different domains including business, healthcare, industrial and manufacturing. In the advent of cloud computing, it is imperative for organizations to determine risks involved in adopting cloud-based solutions or applications to ensure enterprise interest. The problem is the risk assessment of enterprise applications from the context of business. It is essential to adapt the right risk assessment strategy to handle the security situation proactively. We analyze the different risk assessment frameworks which would help to evaluate frameworks against enterprise application such as business, medical, finance accounting applications. We have evaluated both CWRAF and CVSS as two predominant frameworks in the risk assessment process against three business applications. The results help identifies the appropriate approach and framework which should be used for risk assessment.