Risk management concepts and practices are an integral part of the commercial project environment (CPE) approach. The treatment of risk through all phases of the vendor lifecycle is examined first, followed by the methods of managing overall business risk. In classic risk theory, the view of risk during the opportunity phase is modeled as risk/reward, or risk versus opportunity. A very preliminary risk screener completed by the sales executive can help that judgment. The risk rank assessment and risk register inherited from the bid phase are useful, but only to a point. If the firm wins the bid, the initiation phase begins. The effectiveness of the preceding risk processes is tested in the execution phase. During the completion phase, the risk view is highly focused on achieving sign-off. There are three types of risk factors: base, compounding, and mitigating. The classic risk event model is ubiquitous and leads directly leads to development of the risk register.