National Electronic Identity System (NeIDS) has become crucial for verifying the identities of citizens and granting access to digital services in public and private domains. However, implementing NeIDS has raised concerns about security, privacy, and exclusion. Furthermore, conducting a comprehensive risk assessment for NeIDS is challenging, as it is interconnected, multifaceted, and relational. To understand the challenges faced by stakeholders during the risk assessment process and explore the reality of conducting a risk assessment for NeIDS, we conducted a qualitative study based on semi-structured interviews with 17 stakeholders. Following a thematic analysis of the interview transcript data, we found that i) stakeholders are concerned with assessment bias, political influences, lack of transparency, inclusion issues, and inadequate communication about the assessment process, and ii) there are key issues around framework considerations, implementation, regulation, and funding of risk assessments. Finally, we offer recommendations to ensure a fair, transparent, and inclusive assessment process.