Six Sigma is a project management methodology. It is used in the industries and corporate sectors to substantiate goal of near perfection in process performance. It has myriads of its application in a numerous organizational and business processes. It is based on Plan-Do-Check-Act cycle to achieve performance improvement in different industries including IT sector. Six Sigma is plentiful mature but still lacks a comprehensive risk management framework. It is because of its primarily used technique Root cause analysis. The need of proper risk management has been increased due to large scale complex projects, which involve high costs. In this paper, we have made an endeavor to propose a risk identification framework to improve quality and productivity in Six Sigma projects in numerous organizations especially in the manufacturing and construction. This study has also provided a detailed overview of the methods currently being used for risk identification in different type of models proposed in the literature. The proposed model undertakes a number of hypotheses to test and then validity through implementation in real time industry environment.