We propose to view architecting as a risk- and cost management discipline. This point of view helps architects identify the key concerns to address in their decision making, by providing a simple, relatively objective way to assess architectural significance. It also helps business stakeholders to align the architect's activities and results with their own goals. We examine the consequences of this point of view on the architecture process. The point of view is the basis of RCDA, the Risk- and Cost Driven Architecture approach. So far, more than 150 architects have received RCDA training. For a majority of the trainees, RCDA has a significant positive impact on their architecting work. © 2012 Elsevier Inc. All rights reserved.