The State Department ranks countries on adherence to minimum standards set forth by the Trafficking Victims Protection Act 2000. The Trafficking in Persons Report (TIP) is updated annually and failure to enact changes to combat trafficking results in higher tier rankings. This paper evaluates the TIP by situating this tool in light of special features of the modern era, such as globalization and risk. Through a survey of the theoretical literature on risk and on trafficking risk factors, we devise six preliminary risk clusters and discuss how the TIP could incorporate governments' response to trafficking risk factors into the ranking system. Our intentions are to spark debate about how risk factors could be incorporated in the TIP, to provide a preliminary model and to encourage further research in this area.