Every manufacturing organization faces undesirable and unwanted setback in its day to day operations. These are referred to as operational disturbances in this research. The disturbances put an organization at production, economic and occupational risks. To deal with these risks, an organization needs to implement an appropriate risk management process, which is what this paper aims for. In this connection, the authors have developed a conceptual model that describes the generic approach of risk assessment and outlines the gaps in the assessment steps that may hinder the successful implementation of risk management.