Risk is inherent in adventure tourism. Without risk, adventure tourism will lose their excitement and uniqueness. Managing risk in commercial adventure tourism operation is essential for the safety of travelers. The improper risk management in this business may lead to some issues such as injury and accidents. Risks involved in adventure tourism are frequently highlighted by the media, usually after a reported accident of fatality. The increased in the number of reported accidents by media in the adventure tourism sector recently, may give significant effect and harmful impact on business as well as the whole tourism industry. Thus, it is important for the commercial adventure tourism businesses and company providers to have effective tools and model(s) in managing the risk effectively to avoid any circumstances that lead to accidents in order for the business to run smoothly with high reputation and confidence of customers. This study explores whether or not Malaysian adventure tourism businesses adhere to any risk management guidelines or models. Two preliminary case studies of adventure tourism businesses in Malaysia illustrated that these businesses have no specific guidelines and risk management models that adventure tourism businesses should adhere to. In addition, findings from this study also demonstrated that no specific regulations imposed by the government for adventure tourism businesses to comply to. This study advises on the application and implementation of the Event Management Body of Knowledge (EMBOK) model as part of Malaysian adventure tourism businesses risk management responsibilities.