Rock Blasting is a primary activity in mining and civil excavations, carried on every day in thousands of locations around the world. Risk Management in blasting activities involves personal Safety and Health as an imperative primary concern, but other kind of risks are involved in the employ of explosives. An Economical Risk appears as a concern when dealing with productivity targets or with mine assets value: incorrect fragmentation result or disrespect of excavation contours of the blast can affect the downstream productivity; equipment damage due to flyrock impact can lead to premature depreciation of the mining assets. Environmental Risk, moreover, is a daily problem dealt by companies that operate with blasting activities in an anthropic environment: ground vibration and airblast overpressure control are getting ever more a central aspect in blast planning and management. Modern blast planning and design are evolving to face these challenges in risk management. The present paper proposes a risk management approach to rock blasting activities. Statistics of blast-related errors are presented as a basis for calculating the frequency of risk-related occurrences. System deviations are described through the main risk analysis techniques, such as HAZOP. Inherent risk is therefore calculated, and Rick Matrixes are created. The most common initiation systems are finally analyzed on the basis of how each one can deal and prevent risk-related deviations and errors.