Risk of fire is present everywhere, as such there is nothing which we can say that risks are not involved or risks free. In market of uncertainty, George woodberry once said “Riskisa part of God's game, alike for menandnations”. Woodberry's statement reinforces the fact that risks cannot be avoided, nor can they be completely eliminated. However, risks can certainly be managed effectively, provided a risk is appropriately assessed. Awareness of risks and knowledge regarding the ramifications of the same is the first step to effective risk based management. Today fire risk assessment and its management is fast becoming one of the vital functions in reducing the risk in plant/installations.