What is the best practice for approaching Part 2 in an interview?

Part 2 asks us to identify the Risk Dimensions, assess them by likelihood and impact, and identify the Mitigation Solutions.

Normally, I would ask for 2 minutes to structure my response on paper before presenting it to the interviewer and walking them through my thinking. This is the by-the-book advice. 

However, for this question, we have a lot of ground to cover in 2 minutes.

My approach would be to use the 2 minutes to outline 3-5 main Risk Dimensions and their sub-levels, present these dimensions and sub-levels to the interviewer, and then verbally propose mitigation solutions for each of the sub-levels identified. 

Is this a valid approach? Would you approach this question differently?

Thank you in advance,

Diana