The regulatory policy of the Korean government in new industry sectors is a mixture of deregulation to revitalize the industry and reinforcing regulation to minimize damages and risks. The pursuit of the two-track policy is inevitable when simultaneously considering the ‘potential of industrial development’ and ‘various uncertainties and risks in technology and services’ of new industry sectors. The issue is how to determine an appropriate level of regulation between the revitalization of new industries and risk minimization. Between the two ends, this study examined the measures to implement a risk assessment framework for rational regulatory design. Specifically, this study applied and utilized the risk assessment method of the U.S. National Institute of Standards and Technology (NIST) to propose methods of risk identification and composition of risk scenarios. Moreover, regulations related to the work and scenarios of evaluating risk level by confirming the likelihood of threats and the influence thereof regarding scenarios were organized and presented, in addition to the methods of deriving appropriate regulatory measures via the analysis of risk level differences identified from scenario-related regulations and scenarios. In conclusion, this study discussed the limitations of various regulatory reform strategies being implemented by the government to lead innovative growth and the necessity of applying risk assessment frameworks and regulatory improvement in new industry sectors.