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This paper presents a case study of the application of business models for managing risk in the development of operational strategies for e-business. It includes issues of security, transaction protection, customer relationships, and data and content ownership. The investment that an e-business project is willing to make in risk management activities depends on the business model adopted, the experience of the project team, and the constraints imposed on both. This is particularly important when planning to use technology to do business in the global economy.