Effective management of geotechnical risk is a requirement for successful geotechnical engineering design and construction. The presentation provides an overview of geotechnical risk management approaches that are available in state-of-practice, including observational approach, failure modes and effects analysis (FMEA), risk assessments, and reliability and probabilistic methods that are inherently linked to reliability based design (RBD) methods such as Load and Resistance Factor Design (LRFD). All these approaches provide necessary input into risk-informed decision making. The presentation will interrogate the advantages and limitations of these approaches, and how they can be appropriately used in practice. A thorough understanding of credible failure modes and how they develop in structures such as dams, embankments and foundations is a requisite of effective geotechnical risk management towards satisfying project objectives and needs. The important roles of site characterization, rationale design basis, analysis and design are also briefly examined. Implementation challenges being faced by geotechnical practitioners and lessons learned from projects are identified and discussed.