Despite the existence of extensive literature regarding risk management, there still seems to be lack of knowledge in identification of Critical Success Factors (CSFs) in this area. In this research Grounded Theory is implemented to identify CSFs in Risk Management Systems (RMS). Factor analysis and one-sample t-test are then used to refine and rank the CSFs based on the results of a survey which has been performed among Risk Management practitioners in various types of Swedish corporations. CSFs are defined from three different perspectives: (a) the factors that have influence on the inclination and readiness of corporation for implementing RMS. (b) the factors that are important during the design and implementation of RMS in corporation and can significantly affect the success of RMS design and implementation and (c) the factors that are crucially important to successfully run, maintain and administrate RMS after the closure of the project of RMS design and Implementation. This systematic approach towards understanding the taxonomy of the success dimension in RMS is important for re-enforcing effective risk management practices.