This paper explores the nascent field of risk management in higher education, which is of particular relevance in Australia currently, as the Commonwealth Government implements its plans for a risk-based approach to higher education regulation and quality assurance. The literature outlines the concept of risk management and risk-based approaches to quality assurance across numerous private and public sector environments, primarily in the United Kingdom and Australian contexts. The objective is to shed some light on the appropriateness of such an approach, based on the success (or otherwise) of risk-based quality assurance models deployed elsewhere. In the final analysis, in seeking to find answers to the research question posed, this paper throws up many questions about this relatively new field. In doing so, it provides some sense of how this issue can be further explored to enhance the possibilities for achievement of Australia's higher education objectives.