With the rapid development of information communication technologies (ICT) over the past decade, the nature of how organization members communicate has changed, becoming far more complex and challenging. Communication risks brought about by technology-mediated communication can sometimes be detrimental to the overall organizational function and success. We classify these communication risks into three types: reception, understanding, and action risks. We propose the notion of COMMUNICATION PORTFOLIO which refers to a single ICT or a specific combination of ICTs that can be used to manage any perceived risk of communication. Specifically, this study aims to examine the relationship between perceived risks (i.e., risk of reception, risk of understanding, and risk of action) in the communication. process and the dimensions (i.e., size, content, and structuring mechanism) of the communication portfolio usedfor communication. We also identify communication riskfactors that may accentuate the different types of risks. We develop a communication risk Perceptionframework to illustrate the relationship between the communication risk factors, the different types of communication risks, and the communication portfolio. Finally, we illustrate how the communication risk perceptionframework can be applied in a real-life natural setting by using the shuttle Challenger incident as an example.