Performance approaches to the interpretation of ritual highlight process, presence, strategy and uniqueness. They are often favourably contrasted to textual approaches said to emphasize meaning, structure and stability. However, this sharp distinction can be maintained only by ignoring the notion of inscription, which is central to text. Inscription is a political process which involves risk, strategy and struggle. Moreover, commonly performance approaches neglect questions of risk in ritual action. Ritual is often seen as suppressing risk, but many rituals are events involving high risk. This article considers various Balinese rituals in which risk is a prominent feature, and suggests ways in which a focus on risk may aid our understanding of ritual.