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Managing risks is a vital process which often has substantial impacts on the performance of organisations. In risky situations, managers have to make several decisions, ranging from easy to very complex issues. Therefore it is essential to establish a risk management system in order to identify, analyze, assess and to control risks properly. Many companies suffer on ill-structured decision-making processes and insufficient risk management systems. This can be traced back to fact that risk management is often underestimated in organisations. Due to the fierce competition and rapid changes on the markets, the topic of risk management has become vital in both academia and in practice over the last several years. The aim of this paper is to develop a comprehensive risk management model which allows the responsible bodies to gain structure under uncertainty and to turn risks into competitive advantages. The research of this paper is based on an extensive literature review from different scientific areas such as Management and Risk Management and should raise awareness for further scientific research. [ABSTRACT FROM AUTHOR]