In response to increased interest in risk-informed decision making regarding terrorism, EPRI was selected by U.S. DHS and ASME to develop and demonstrate a nuclear sector specific methodology for owner / operators to utilize in performing a Risk Analysis and Management for Critical Asset Protection (RAMCAP) assessment for the transportation of spent nuclear fuel (SNF). The objective is to characterize SNF transportation risk for risk management opportunities and to provide consistent information for DHS decision making. The method uses a characterization of risk as a function of Consequence, Vulnerability, and Threat. Worst reasonable case scenarios characterize risk for a benchmark set of threats and consequence types. A trial application was successfully performed and implementation is underway by one utility.