Risk management is a systematic approach to determining the best course of action in conditions of uncertainty through identification, understanding, action, and communication of risk issues. Risk management is a culture, process, and structure that is directed and provides adequate confidence to achieve organizational goals through risk management at a tolerable level. Indonesian foreign research permit policy has been implemented based on Government Regulation Number 41 of 2006. The policy implementation can be elaborated by risk management analysis. This article explains the implementation of foreign research permit in international collaborative research in Indonesia. The Indonesian government has implemented the policy since 1993 and used a security approach blended with a scientific benefits approach. This article elaborates on the approaches in the decision-making process when the research permit application is submitted by foreign nationals and then reviewed by coordinating team reviewers from their perspective and interpretation. In another perspective, the struggle of Indonesian researchers as research collaborators or local counterparts for intellectual property rights performance in international collaborative research will also be elaborated by using risk management analysis. This research uses qualitative methods in data collection and analysis. Samples were selected purposively by using certain criteria.
 Keywords: risk management, research permit, international collaborative research