The stately collegiate gothic buildings that define the iconic West Campus at Duke University evoke a strong sense of stability and the status quo. Like all institutions of higher learning, Duke faces many potential challenges to campus equilibrium--some of which could prove devastating to the university. Risk is inherent in academe, yet colleges and universities still lag behind business and industry in the development of enterprise-risk-management strategies. This article describes how top leadership at Duke took ownership of campus risk. With strong engagement from trustees, they developed a comprehensive strategy for risk management and evolved into an institutional culture that is attuned to risk-related challenges. The experience at Duke offers lessons and insights for universities that seek to bolster their own approach to risk management and mitigation. (Contains 3 resources.)