Large facility projects are exposed to a shifting variety of risks throughout their lifecycles – performance, regulatory, budgetary, research, contracting and political, among others. Key pre-requisites to the effective management of such risks is understanding them and characterizing them. This characterization can be qualitative, and it can be quantitative, but what it must always be in order to meet the needs of all stakeholders, including the project management team, is systematic, transparent and defensible. Once the risks are understood and actionable, handling actions can then be developed to reduce the probabilities or the impacts of scenarios driving these risks. This presentation highlights critical elements of the process for implementing a comprehensive enterprise risk management program, and lessons learned over years of experience in large project risk management.