Many enterprises are moving their applications and IT services to the cloud. Better risk management results in fewer operational surprises and failures, greater stakeholder confidence and reduced regulatory concerns; proactive risk management maximizes the likelihood that an enterprise's objectives will be achieved, thereby enabling organizational success. This work methodically considers the risks and opportunities that an enterprise taking their applications or services onto the cloud must consider to obtain the cost reductions and service velocity improvements they desire without suffering the consequences of unacceptable user service quality.