Owners continue to express keen interest in applying the latest in project wide risk strategies for tunnels. In this paper we present the latest ideas being shared with our client base that incorporate practices adopted from project work that BV Water has underway in North America, the U.K. and Asia and from observed practices in the industry. This paper incorporates and moves beyond an exclusively contract focus that is given to many risk discussions in the tunnel business. It is planned to be a step toward broadening the discussion for owners, engineers and contractors to provide a basis for a healthy dialogue of all elements which comprise a risk strategy for a major underground project.