This study explores risk management practices among small and medium enterprises (SMEs) in Malaysia. It aims to understand the primary challenges they face and the strategies they implemented to mitigate these risks. To answer the research question, this study used a qualitative method with exploratory approach. In addition, the research objective of this study is to explore the factors in risk management awareness among SMEs. The data were gathered through semi-structured interviews distributed across various SMEs. These data were analyzed using thematic and interpretive analysis to identify current risk management issues and the approaches SMEs adopt to navigate financial, operational, and environmental uncertainties. For the result, this study provides insights into the current risk management landscape for SMEs including the workplace safety and employee welfare, sustainable business growth, customer trust and reputation, operational efficiency, financial stability and loss prevention and adaptability and market competitiveness serves as a foundation for future research on strategies to enhance SME resilience in a competitive market.