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This paper studies risk knowledge and risk knowledge creation. In modern times, a company's survival is threatened by various types of accidents. Under these circumstances, it is required to not only confirm existing risk knowledge but also renew and create it. Although researchers have analyzed risk in creating knowledge and risk knowledge, little is known about creating risk knowledge. In the theoretical analysis in the first half of the paper, the definitions of some concepts and a knowledge creating theory are reviewed. Furthermore, a framework based on these concepts and theory is presented. In the second half of the paper, a case study is used to show the factors essential for effective creation of risk knowledge, for example, the disadvantages of an overemphasis on tacit knowledge of risk and the need for leadership to facilitate people to discuss risks.