Adventure recreation activities provide participants with excitement, unique experiences, and opportunities for personal development; however, they also inherently involve various risks. Therefore, effectively managing these risks and ensuring the financial sustainability of potential losses are of critical importance for adventure recreation enterprises. This chapter conceptually examines the types of risks encountered in adventure recreation enterprises, risk management strategies, and the financial instruments used to finance risks. First, operational, environmental, and human-related risks are discussed, and their impacts on businesses are evaluated. Subsequently, strategies for preventing, reducing, and controlling risks are explained, emphasizing the importance of personnel training, equipment management, participant briefing, emergency planning, and the development of a strong safety culture. In addition, alternative risk financing methods, including insurance practices, self-retention, and risk premium approaches, are examined as mechanisms for coping with risks that cannot be completely eliminated. The findings indicate that the adoption of systematic risk management practices and the effective use of appropriate risk financing instruments are essential for establishing a sustainable operational structure in adventure recreation enterprises. As a result, enterprises that embrace a safety culture, manage risks proactively, and effectively utilize financial protection mechanisms are more likely to gain a competitive advantage within the sector.