This manual is intended for use by homeland security leaders, supporting staffs, program managers, analysts, and operational personnel to: promote a common understanding of, and approach to, risk management; establish organizational practices that should be followed by Department of Homeland Security (DHS) components; provide a foundation for conducting risk assessments and evaluating risk management options; set the basis for institutionalizing a risk management culture through consistent application and training on risk management principles and practices; and educate and inform homeland security stakeholders in risk management applications. The document contains six main sections: I) identification of the purpose for developing a risk management doctrine and its intended audience; II) an evaluation of homeland security risks, the value of risk management, and risk management applications; III) Homeland Security risk management tenets and principles; IV) an examination of internal sources of risk, external sources of risk, and key business practices; V) an examination of the seven elements of the Homeland Security risk management process - define the context, identify potential risk, assess and analyze risk, develop alternative, decide upon and implement risk management strategies, evaluation and monitoring, and risk communications; and VI) conclusion.