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An increase in enterprise's operational risk concerns a broader range of corporate stakeholders. Therefore, there is a need for integrated Enterprise Risk Management (ERM) system, in order to keep the enterprise competitive. There also has been a paucity of practical and effective ERM tools for the analysis of risk events, which is the basis of the ERM system. This paper proposes an approach of using AHP and cluster analysis to enable the identification of the major risks associated with the enterprise's operation, and the exploration of the relationships among the risk events. In addition, the method of AHP and cluster analysis including its application on ERM is discussed in the paper. A case study has been implemented in order to reinforce the analysis. The results indicate that the method of AHP and cluster analysis can potentially serve as a uniform base for the risk events analysis at the event layer of the ERM. That will provide the management further understanding on the risk events, thus improve their risk management performance.