This report provides a summary of the workshop to identify challenges and gaps in the implementation of risk management approaches to the adverse effects of climate change, held in Lima, Peru, from 10 to 12 October 2011. The workshop discussions focused on recent developments and lessons learned in the different aspects of the risk management process, including: (a) risk assessments for informed decision-making; (b) risk reduction: planning and preparation; and (c) risk sharing, pooling and transfer in the context of adaptation. The report includes a summary of: the key issues addressed at the workshop; the gaps and challenges in the implementation of risk management approaches; and perspectives on the potential role of the Convention in addressing the range of risk management approaches