The IPCC's Fifth Assessment Report (AR5) identifies key risks in a changing climate to inform judgments about danger from climate change and to empower responses. In this article, we introduce the innovations and implications of its approach, which extends analysis across sectors and regions, and consider relevance for future research and assessment. Across key risks in the AR5, we analyze the changing risk levels and potential for risk reduction over the next few decades, an era with some further committed warming, and in the second half of the 21st century and beyond, a longer-term era of climate options determined by the ambition of global mitigation. The key risk assessment underpins the IPCC's conclusion that increasing magnitudes of warming increase the likelihood of severe, pervasive, and irreversible impacts. Here, we emphasize central challenges in understanding and communicating risks. These features include the importance of complex interactions in shaping risks, the need for rigorous expert judgment in evaluating risks, and the centrality of values, perceptions, and goals in determining both risks and responses.Anthropogenic interference with the climate system is occurring (IPCC 2013). The impacts of climate changes that have already occurred are widespread and consequential, and with continued high emissions or even with ambitious mitigation, large and uncertain consequences will play out over long timeframes (IPCC 2014c). These conclusions are deeply rooted in scientific understanding assessed comprehensively by the IPCC. They also propel us to an assessment frontier: how can we inform solutions through innovative conceptualizations of the climate challenge in assessment?In this article, we provide an overview of one response to this question: the key risk approach applied across the Working Group II contribution to the IPCC's AR5 (WGII AR5). We discuss why the key risk approach was developed, how it works, and what it implies across sectors and regions, informing both research and assessment.