Defence systems acquisition is fraught with all sorts of financial, technical and political risks. The most effective way of mitigating risks associated with acquisition of complex systems is through identification of these risks as early as concept examination phase. One possible avenue to de-risk complex acquisition projects is through the integration of program management and systems engineering views. In General terms, project/program management is concerned with timely and on the budget execution of projects where as Systems Engineering is concerned with complexity management and successful systems integration. This paper will outline an approach for risk and complexity evaluation and mitigation of capability concepts to be used, in risk mitigation planning, systems engineering planning and project control activities.