Although sports or any other kind of physical activity can be entertaining and beneficial for people's health, they can also become perilous and conceal risks. Risk has always been related to unpleasant outcomes like harm, danger, hazard or loss. In order to minimize or even eliminate these risks, the sport and leisure industry needs to implement an effective risk management process as part of a well-designed management system. The purpose of this paper is to present a process of risk management that includes a methodical risk assessment; identification of an appropriate risk management strategy, and application of all necessary safety measures. The present study provides an extensive review of literature in the area of risk and safety management.