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Should we perform a risk assessment?

I'm on OS Unix 5.1, Oracle RDBMS 7.3.4 and SQL*Forms 3.0. We are preparing a risk assessment of our current hardware and software platform. We believe we are currently at risk in the present state, not everyone in our corporation supports this view. Do you have supporting evidence of either opinion?
The biggest risk, as I see it, is the outdated software versions. What happens if you need Oracle support? They will tell you to upgrade to the latest versions of the product. If something breaks, you will be on your own unless you upgrade to a fully supported version.

You do run the risk of something going wrong when you do perform an upgrade. Your application may not work correctly, etc. So there is the philosophy, "If it ain't broke, don't fix it," at work here. If this system is a legacy system, and you won't be changing anything on it for the rest of its lifetime, then you might want to leave it as is. If it will undergo change, then I would suggest using a newer version of the software.

While not necessarily a risk, it would be nice to upgrade to Oracle9i to take advantage of the latest features to make your DBA's job much simpler.

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