Formal computations of risk are now commonplace in the nuclear power and chemical industries. Similarly, those responsible for the preservation of cultural property in museums, libraries, and archives are beginning to consider more objective decision-making procedures for selecting conservation options. The process whereby sources of risk are identified and quantified forms the discipline of risk assessment while the selection among alternative policies developed in response to that risk is known as risk management. Sources of risk to cultural property are identified and characterized. Examples of risk management for cultural property based on laboratory data, e.g., the setting of light levels for exhibitions, are presented.