Traditional risk assessments primarily focus on safety, while research ethics committees and emerging ethical standards for AI and Robotics emphasize ethical considerations. However, a new approach is emerging: integrating ethical risk assessment (ERA) into the safety evaluations of intelligent systems, creating a more comprehensive and unified framework. This merging of perspectives allows for systematic identification and mitigation of the ethical, social, and environmental risks and hazards associated with the use of robots and artificial intelligence, particularly pertinent in challenging real-world contexts where robots are increasingly being used in assistive applications. This paper presents an ethical risk assessment within the context of human-robot collaboration, with a specific focus on assistive robots which could be typically encountered in health and social care environments. We systematically review each ethical risk category (Societal, Application, Financial/Commercial, and Environmental), as well as physical safety-related risks associated with the deployment of collaborative assistive robots. Additionally, we examine the strengths and weaknesses of ERA in this context.