CCS (Carbon Capture and Storage) is considered as the most promising interim solution to deal with the greenhouse gas such as $CO_2$ responsible for global warming. Even though carefully chosen geologic formations are known to contain stored gas for a long time period, there are potential risks of leakage. Up to now, applicable risk assessment procedures for the leakage of $CO_2$ are not available. This study presents a basis for risk analysis applicable to a complex geologic storage system. It starts with the classification of potential leakage pathways. Receptors and the leakage effect on them are identified and quantified. Then, a fault tree is constructed, which yields the minimum cut set (i.e., the most vulnerable leakage pathway) and quantifies the probability of the leakage risk through the cut set. The methodology will provide a tool for risk assessment in a CCS project. The outcomes of the assessment will not only ensure the safety of the CCS system but also offer a reliable and efficient monitoring plan.