The purpose of this study was to organize the identified risks into one of the five classifications in order to establish a taxonomy created by peers and to measure the variances in the level of risk at two-year colleges. A universal problem for colleges and universities is the difficulty of finding peer groups that have and are willing to share best practices about managing the risks and the losses experienced due to poor risk management. Because colleges and universities are being asked to do more with less, they cannot afford to miscalculate the potential risks that are associated with events that may affect the institutions’ achievement of specific objectives. Consequently, it is essential to implement an Enterprise Risk Management system that manages the risk appetite when classifying strategic risk, operational risk, financial risk, reputational risk, and compliance risk (Kerr & Hosie, 2013). Examples of common risks for colleges and universities are identified throughout the review of literature: 24-hour access to buildings, hazing, surveillance cameras and privacy issues, blood-borne pathogens, festivals and sporting events, foreign travel, food contamination, vehicle liability, and bed-bug infestation in student housing. The following research questions guided the study: 1. How do two-year college administrators classify various risks into risk taxonomy? 2. Are there differences among the levels of perceived risk based on the level of administrative position held? 3. What new risks are surfacing at two-year colleges? 4. Are there differences among the levels of perceived risk based on the respondents’ demographics?