The relationship between risk and innovation in the sector of public services has gained little attention and remains mainly only outlined theoretically with very few empirical insights. This paper presents a case-based exploration of cultural public service innovation as a source of risk. The collected evidence demonstrates the complexity of the relations between innovation and risks and the interrelations between risk types. As a result, a refined framework of risk management styles is proposed. The new framework outlined in this article merges the two former theoretical contributions known from the literature and offers possible practical implementations.