Project Risk Management Systems aim at mitigating the various risks that may adversely affect the project prospects. Effectiveness of any Risk Management System in fulfilling its objectives is to be determined in order to make improvements in that system. At present there is no such evaluation system at vogue, nor was much effort made so far in the knowledge area to develop an evaluation framework suitable for performance assessment of project risk management systems. This paper proposes a new framework for evaluating the performance of Project Risk management systems by adopting an evaluation system from the analogous area of protected areas management system, and tailoring it to suit the texture and fabric of project risk management systems. Also the approach to conduct the evaluation and the governing standards to which the evaluation should comply were developed with the knowledge available in literature and were integrated into the said framework. The framework so developed is capable of being used widely with ease, helps in objective evaluation of the performance, is in compliance to all relevant standards and suggests the corrective and preventive actions to continually improve the Project risk management systems or any other risk management system equally