The ordinary conduct of school business is accompanied today by risks that were rare or unknown a few decades ago. School administrators are continually being challenged to develop new strategies to safeguard their districts' assets. Risk management is a coordinated effort to protect an organization's assets, both human and financial, from all types of risk. The first step is systematic identification of all risks to which the district may be exposed, and analysis of these risks by their probable frequency and severity. The next step, loss control, seeks to reduce or eliminate risks by preventive actions. Risk financing strategies are then used to reduce the district's financial vulnerability to the remaining, unavoidable risks. The purpose of this bulletin is to help school district officials initiate or improve their own program of risk management. Chapter 1 discusses ways of identifying and evaluating risks. Chapter 2 focusses on loss prevention. Chapter 3 examines options for financing risk. Chapter 4 explores the ways four Oregon school districts manage risk. Finally, chapter 5 considers how school boards and administrators can support risk management. (MLF)