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The concept of risk management encompasses the diverse strategies employed in preventing and mitigating losses associated with social and environmental calamities. Building on the growing literature on risk, we use archaeological data from the Tarapaca Valley, located in northern Chile, to document the risk-reduction tactics mobilized by the valley’s inhabitants to navigate the increasingly volatile environmental and social conditions of the Late Intermediate Period (AD 1000-1450). With the onset of exceptionally unpredictable environmental conditions after AD 1100, residents of the Tarapaca Valley chose strategies such as increased trade and agricultural diversification and extensification to minimize shortages in staple resources. Threats of raiding and intra-community strife exacerbated the risks associated with subsistence shortfalls. Valley communities elected a number of strategies to curtail conflict-induced risk, including movement of settlements and field systems to defensible locations, construction of walls and other defensive features, and the introduction of plazas. Rock art data suggest that trade was increasingly embedded in ritually sanctioned events involving groups from different ecological zones. While studies of risk have focused disproportionately on environmental hazards, subsistence-related crises are often compounded by social hazards that require their own risk-mitigating strategies, further constraining options for coping with subsistence stress. (C) 2012 Elsevier Inc. All rights reserved.