Indeed. When we introduced our change management process I realised that I was informally doing this risk analysis anyway. The change management process and CAB just formalise it.
Risk analysis can be as simple as thinking "is this low impact" for a second and then deciding it is and continuing. Most of these types of changes are pre-approved by CAB and we just have to record the change. If we started creating outages from these types of changes then that pre-approval would probably be reviewed.
There are other times when that pre-approval is temporarily revoked when the organisation cannot tolerate the risk of any downtime caused by changes, but that only happens twice a year, and I get to put my feet up a bit and work on interesting hobby projects for a couple of weeks