The recession of 2008 and the demise of established financial firms served as a reminder that effective corporate governance is important to ensure that businesses remain as going concern. One key area is the implementation of effective enterprise-wide risk management practices. The resulting regulatory oversight enacted through the Dodd Frank Act placed additional responsibility on organizations to develop effective risk management practices. However, business risks are evolving and are now reflected in data breaches and defective parts recalls. Business students, especially accounting majors, must have a working knowledge of risk assessment practices prior to entering the work force. The risk management project was developed to help provide students with this opportunity. It has been used over several semesters at a regional university, and results shows that students are able to identify business risks and perform a basic risk assessment. Students now have a better understanding of the enterprise risk management process and will be more productive as they enter the workforce.