The Red List has demonstrated a positive impact on the conservation of threatened species, and we are not advocating its removal. Rather, we argue that it should be understood as "a” and not “the” tool for evaluating species extinction risk \citep{VieEtAl2008,BettsEtAl2020Conserv.Biol.}. Other systems for quantifying extinction risk have been proposed (e.g., \citealt{BaumsteigerMoyle2017BioScience}), some might be more appropriate in different jurisdictions \citep*{SoberonMedellin2007Conserv.Biol.}, and others are already in place, such as the New Zealand Threat Classification System categories (https://nztcs.org.nz). Importantly, new developments in assessing extinction risk should incorporate better quantitative methods to make use of the wealth of biodiversity data sources and methodological advances whenever possible.