The purpose of this study is to examine factors affecting efficiency of risk management and the relationships between factors affecting efficiency of risk management and efficiency of risk management, based on a survey carried out on government universities in Thailand indentified by the Office of the Higher Education Commission. In this study, critical factors affecting efficiency of risk management consist of eight components namely management support, mutual understanding of risk management, continuous performance, announcement of change management, effectiveness of communication, evaluation of risk management, training and human resources and monitoring. The efficiency of risk management consists of five dimensions, namely risk identification, risk assessment, risk response, monitoring report and evaluation of risk response and review of risk management. The result of regression provides that management support, evaluation of risk management, training and human resources and monitoring have influenced the efficiency of risk management at government universities in Thailand. From analyses of the relationships, the following were found (1) The monitoring has positively influenced all the dimensions of efficiency of risk managements, (2) Management support has positively influenced risk identification and monitoring reports and evaluation of risk response, (3) The training and human resourceshas positively influenced monitoring reports and evaluation of risk response, and (4) The evaluation of risk management has positively influencedrisk identification, risk assessment, monitoring reports and evaluation of risk responseand review of risk management.