This study examines the risk consequences of participation in inter-organisational information systems (IOS). The research aims to identify the risk mitigation and risk absorption impacts of IOS participation and evaluate the extent to which these impacts affect participation decisions. Prior research has called for a greater understanding of risks associated with IS. This paper presents a synthesis of the research on IS risk and illustrates that, to date, this call has been addressed primarily by one-dimensional studies. The paper highlights the changing context of inter-firm trade illustrating its increased reliance on networked collaboration. What remains uncertain is the nature and consequences of risk within this context. The paper presents a framework that will form the basis of the proposed research into the risk mitigation and risk absorption consequences of IOS participation.