The purpose of this research is to introduce and develop a knowledge base for restoration industry aimed at understanding and dealing with risks arising in restoration projects of built and architectural cultural heritage. These projects face a number of risks and are viewed unfavorably from a number of sustainability perspectives. The research study, therefore, is expected to generate interest and debate among the professional and researcher community in the arena of restoration of built cultural heritage for formally applying Project Management (PM) and Project Risk management (PRM) theories and practices. The research method consists of reviewing published literature and analyzing the dynamics of restoration industry (both from academic and practitioner point of view) in order to propose an application framework. Owing to a number of striking similarities between construction and restoration projects (and more so with building renovation and maintenance), an attempt is made inorder to align this study nearest to the construction sector, incorporating the lessons learnt in that area.