The document discusses two problems related to application security risk rating: 1) limited resources to test a large number of applications, and 2) assigning risk levels to vulnerabilities found during manual assessments. For the first problem, the document proposes prioritizing applications by categorizing them into high, medium, and low risk based on a risk assessment analyzing business criticality and risk posture. For the second problem, the document outlines the OWASP risk rating methodology in six steps: identifying risks, estimating likelihood, estimating impact, determining severity, deciding what to fix, and customizing the risk rating model.