This paper introduces the concept of participatory risk management (PRM), the outsourcing of parts of the risk management process to a wide audience of participants, whether from communities affected by risk or netizens willing to lend a helping (analytic) hand. PRM consists of six parts that closely follows the ISO31000 risk management framework: tasking and requirements, participatory risk identification, participatory risk analysis, participatory risk evaluation, participatory risk mitigation and communication. Each phase leverages one or more modern crowdsourcing concepts, such as participatory sensing, human computation, and games with a purpose. A potential PRM gaming system for incentivising community risk management through rewarding play is presented as an example application of PRM.