This document provides guidance for the selection of file formats for the preservation of electronically stored information (ESI). It will address how risk assessment supports the file format selection process. The focus is on the selection criteria for formats used in businesses and archives. This approach enables the users to include new, emerging, obsolete, and/or proprietary formats into the selection process along with current mainstream preservation-friendly open formats. This document does not provide a list of file formats for use in preservation of electronic information.