This research has developed The Academic Achievement Risk Assessment Scale [AARS], for identification of the factors which influence performance of undergraduate (448 students); studying at three universities of Lahore, Pakistan. An 18-item scale, with five distinct factors was developed which included lack of motivation, dysfunctional parental practices, parental involvement in drug abuse or antisocial activities, difficulty with peers, and language barrier. The results revealed differences among low, medium and high academic CGPA groups as all five risk factors were significantly related to the low achieving group. The study has implications for teachers, counselors, and policy makers in the field of learning