The history of soft and hard rock underground mining is blemished with regional instabilities of mine workings. Whilst the potential consequences of regional instability events are recognised to be high, there is a false perception that the probability of them occurring is very low. In fact, Australia has averaged more than one event per year for the past 20 years. At least five fatalities and over $100 million of losses have been associated with the events. As such, they are a core risk to underground mining and have a significant effect on the quadruple bottom line of business - safety, environment, community acceptance and economics. This paper explores the important roles that risk management has in reducing the probability and consequences of regional instabilities. It concludes that education and continuing professional development are essential elements for effectively managing the risk.