Risk management is a key component of any effective corporate tailings governance framework. Uncertainty is inherent to a mining company's business activities and may present both risk and opportunity. An integrated risk-based approach assists management in identifying, evaluating, prioritising and managing key risks to the achievement of the mining company's strategic objectives, as well as opportunities to enhance performance and value. Corporate risk management frameworks are typically designed to manage risks at the enterprise or operational level with specific definitions for consequence and likelihood. Challenges can develop in accurately ranking tailings-related risks when utilising an operational-level corporate risk management framework. This paper highlights various corporate risk management approaches and discusses some key considerations when developing a tailings risk management framework and governance model.