Work-integrated learning (WIL) poses legal, reputational, operational, ethical, strategic, and financial risks to institutions, host organizations, and students that, if not effectively managed, have serious consequences for WIL stakeholders. From a stakeholder perspective, risk management involves maximizing the opportunities of WIL to achieve goals, while minimizing the hazards associated with their participation. This chapter explores risk management using enterprise risk management (ERM) as the theoretical lens to improve stakeholders’ risk literacy. The various risk types will be first described and illustrated using examples derived from international studies, followed by the presentation of a framework of practices and methods (agreements, internal systems, education/training and resources, collaboration, and relationship management) designed to manage risk.