This work reflects on the benefits of applying risk-based thinking for improvement in a quality management system. Based on the crucial role of theory and on the belief that conceptual accuracy and clarity are the main key to an effective practice, this work studies and analyzes the state-of-the-art core concepts of improvement and risk management, through international and national standards, including ISO 9000, ISO 31000 and ANSI-PMI Standards, among others. Consequently, reformulations of the main definitions about improvement are proposed, with the contribution of risk-based thinking concepts, in order to provide a wider perspective of the knowledge platform that has been built. The structure of this paper consists of: Summary, Introduction, Framework, Analysis and Discussion, Conclusions and References.