The purpose of this study was to examine perceptions of risk in student organization management, including differing perceptions among student leaders, advisers, and university personnel, as well as, how factors such as institutional size and community setting influenced said perceptions. In identifying how these three individual groups articulate risk, the study sought to identify disconnect between the groups. This disconnect could lead to better resources to assist in the risk management processes. In order to achieve the purpose of this study, five research questions were developed. An electronic survey was used to gather information on risk perceptions. The survey had four sections – demographics; risk scenarios; campus and community environment; and the role the university should play in risk management. A quantitative analysis of the data occurred focusing on descriptive statistics, and through the use of a two-way between-groups analysis of variance (ANOVA). The ANOVA testing was used to see an interaction between the university and the campus setting and size was present. If no interaction was identified, the study looked at the major effects to see if significant differences were present. Student organizations provide many opportunities for student development. Well-managed organizations can also be an effective marketing tool for universities. However, despite the advantages, they can also raise questions of risk and liability to the institution (Broe, 2009). This study focused on the current perceptions in risk management of student organizations. While this study identified campus setting and size play a minor role in how risk perceptions are formed, it did identify that an individual’s role at the institution does impact how risk is viewed, and particularly what level of risk is present. Most of the differences occurred between student leader’s and adviser’s perceptions in regards to the perception of risk severity. Student activities professionals can use these perceptions to support stronger training programs. Based upon the results of this current study, such training should focus less on what types of risk are present and instead focus more on how the level of severity could be increased or decreased due to certain factors.