Risk is an intrinsic part of life. Human beings instinctively know how to manage the kind of risks that our ancestors had to face. We are not so good at assessing or managing risks that are rarely encountered or technical. We make many systematic errors in risk assessment. In our risk-averse and litigious society, our institutions try to minimise risks in ways that can be counter-productive. For example, children need to experience play, the outdoors, adventure, competition and sports in order to thrive. Some schools have chosen to retreat from those activities to protect the institutions from litigation or criticism. The net effect is that those children face higher risks, namely boredom, failure to thrive and failure to learn how to manage risk. They are not being properly prepared for real life. We must be alert to risk and manage it in a way that does not stifle freedom, creativity, adventure and learning but encourages people to take responsibility.