Identification and management of risks was predominantly referred to in OHSAS, Information security and business continuity standards. However as the management system standards and the modern management practices have evolved over the decades, a formal approach to identifying and overcoming various challenges has become imperative for corporate. “RISK” has become a basic, essential element of every form of management. With publication of new procedure by ISO for publication of all future management system standards, Risk and opportunities have become part of every management systems standard.