Weighing in at 567 pages, including 107 pages of footnotes, the 9/11 Commission Report is a metaphor for the primitive and often dysfunctional state of risk management in large organizations such as colleges and universities. President Clinton's national security adviser, Sandy Berger, told the commission that government decisions "were made from the vantage point of the driver looking through a muddy windshield moving forward, not through a clean rearview mirror." What steps would help college and university officials remove some of the mud from the windshield of institutional risk management? What should the concept of risk management signify at universities? Indeed, what should the concept of management signify? The purpose of this essay is not particularly to address how college and university officials should cope with terrorism risks on campus. Rather, it is to invite reflection on the quality of management of the entire array of major risks institutions are now confronting. It presents helpful perspectives on negligence, lapsed teamwork, and risk and opportunity for college and university administrators.