During the current global financial crisis, the term "Risk Management" is often heard. Just as the causes for the financial problems are elusive, so is a complete definition of what Risk Management means. The answer is highly dependent upon your perceptions of "risk" and your appetite for assuming risks. The proposed paper will explore these issues with some brief case studies as they apply to hydrogen industrial applications, hydrogen refueling stations and fuel cell technologies for distributed generation.Specifically the paper will identify the various risk exposures from the perspective of the project developers, original equipment suppliers, end users, project funding sources, and traditional insurance providers. What makes this evaluation intriguing is that it is a mixed bag of output capacities, Combine Heat & Power (CHP) potential, and technology maturity. Therefore the application considerations must be part of any overall Risk Management program