The field of risk management is moving towards the center of attention, asides the financial sector. As risks are present at all the time and everywhere, threatening an organization’s achievement of objectives, it is an unsolvable challenge to create a risk-free environment. It is not necessarily required to eliminate all existing risks though. It already suffices, becoming aware of the potential threat a risk represents and analyzing its potential consequences on the objectives. Once this is achieved, appropriate countermeasures can be implemented acting against a risk in case it occurs or reducing its likelihood. With this work, a guideline is introduced to the audience with the intention of addressing this task as effective as possible. It does not only represent a work of reference based on the solid knowledge and wisdom various works of literature but rather provides an overview, when a specific method is appropriate to use. Based on the desired results, amongst several approaches for the identification and assessment of risks can be chosen. At the same time it is also mentioned, which prerequisites are required for applying them. This additional information enables the reader to select an appropriate method in a more effective way, attempting to provide a comprehensive possibility for selecting a well suited risk analysis approach.