Co-curricular activities encompassing uniform units, clubs, and associations are compulsory courses in all educational institutions in Malaysia. The implementation of co-curricular activities requires neat preparation in order to reduce exposure to the risk of loss, injury, and accidents during the activities. Therefore, this study aimed to produce an instrument for effective co-curricular activity risk management (also known as (CoARM) to guide administrators, lecturers, and students, in conducting safe co-curricular activities, especially at Malaysian teacher education institute (TEIM). This study used the Fuzzy-Delphi method involving 30 experts in the field of co-curriculum from public universities and TEIM. The questionnaire was constructed based on the analysis of field expert interviews and a literature review. It was then sent for expert agreement on the elements, sub-elements, and content of CoARM at TEIM. The findings distinguish three (3) elements and fifteen (15) sub-elements of CoARM when planning and implementing co-curricular activities. The first element was the human element involving trainers, participants, support staff, service providers, and external agencies. The second element, the equipment element, involved anchorage, accommodation, facilities for special activity equipment, and safety equipment. The third element was the environment element with the sub-elements of weather, location, activity routes, security threats, and rescue routes. The CoARM instrument is expected to provide new knowledge as well as to serve as a guide in the field to increase the public’s confidence in organising co-curricular activities at Malaysian educational institutions and as a reference source in the future construction of CoARM modules.