Understanding Risk to Improve Management Systems is a critical element of Reliability. The short definition of Reliability being “Mission Effectiveness”, this presentation speaks to the ability to ensure the effectiveness of the processes that manage the development and delivery of products/services through an appreciative analysis of the management systems. ISO 9001:2015 is the standard used to implement an effective management system. The objective of the presentation is to elaborate on the core-concepts and implementation of Risk-Based Decision Making. Additionally, developing a culture of risk based thinking (RBT) is a strategic imperative for an organization pursuing continuous improvement.