A monograph examines the role of risk and risk management in experiential education, particularly stress/challenge programming. Definitions of risk are presented. The importance of risk and stress in experiential education is emphasized. Implications of subjective versus objective risk assessment in adventure education are discussed, with reference to the goals, objectives, and obligations of adventure education and the paradox of safety versus risk. A general perspective on risk management is followed by listing five types of risks and six alternatives/tools for risk management. A chapter on safety engineering in risk management includes consideration of human and mechanical factors involved in accidents. Another chapter defines insurance, discusses its general costs and benefits, and provides insight into non-insurable risks. The concept of legal liability is examined in terms of contractual agreements involving insurance and tort law; current legal concerns in adventure education are briefly discussed. Concerns of administrators, instructors, participants, professional associations, government, and higher educational institutions are addressed. Bibliographies list 150 relevant publications. Appendices include emergency procedures and recommendations on risk management from the Association for Experiential Education, an insurance checklist, a legal liability inventory, and forms for stress/risk analysis. (MH)