It is now becoming increasingly evident that a well structured approach to the Management of Risk is essential when organizations have to make informed decisions with regards to improving performance through change initiatives. Risk is uncertainty of outcome: it is posed by any eventuality that may occur and that may affect an organization's ability to meet its business objectives. In these uncertain times Managing Risk is crucial to business success. Every organization manages risk, but not always in a way that is visible, repeatable and constantly applied to support decision making. Recent developments have seen heightened concern and focus on Risk Management, and it became increasingly clear that a need exists for a robust framework to effectively identify, assess, and manage risk.