Companies face a great challenge of balancing both risk and return on par. In today's volatile economic environment, success depends on strategically managing risks. All organisations accept risk in every decision that they take and risk management is therefore it is strategic when done proactively. Some risks are financial or quantitative and others are associated with behavioral factors or qualitative. Effective strategic risk management must address both quantitative and qualitative factors. Some factors are difficult to quantify or even identify. This study develops a framework from a literature review to identify most relevant quantitative and qualitative risks affecting public as well as private organisations. Risk planning, analysis and mitigation techniques are then proposed along with guidelines for matching each to a specific contest. Surveys are used to collect evidence from educational institutions, hospitals, banks, and manufacturing organizations to build the model. Non-paramateric statistical methods are used to validate the most significant combination of risk factors. © 2018, IGI Global.