Risk management for NASA Payloads

The question of risk classification comes up with regularity. NASA is a good source of formal project management process publications and risk classification is no exception. This paper asddresses the specific area of payload risk but the list of mission characteristics illustrates the analytical framework very well. There are nine characteristics listed with descriptions against each one to classify the mission into one of four risk categories.
The framework can be adapted to apply to other organisations that need a consistent process for risk management.
NPR 8705.4 - AppendixA