1) Identify the organism that is modified, from what other organism the DNA comes from, what that genetic modification does for the modified organism, and any other relevant information. This should be comprehensive - it is not enough to say "it makes it pink", instead you should demonstrate that you have learned exactly how and why the genetic modification occurs.
2) Identify the potential risks associated with this specific modification. Please consider both perceived as well as scientifically identified risks, i.e. you may want to discuss the debate surrounding the GMO versus what is scientifically understood.
3) Identify the potential benefits associated with this GMO.
4) Do the benefits outweigh the risks, in your opinion?