This research work is designed to show the impact of deferred taxation on corporate risk management. Tax is one of the most cost drivers in any organization. It has been noticed that most managers in companies, hire accountants (tax managers) to make necessary adjustments in the income statement to suite the amount of tax they have budgeted to pay for a period (financial year) and proper accounts of deferred taxes are not kept. And this in the long run, creates fluctuates in the profit after tax figure, earning per share and shareholders fund making investment decisions somewhat difficult. The researcher got concerned with identifying the reasons why companies do make provision for deferred taxation, and if there is any relationship between deferred taxation and corporate risk management. In the cause of the investigation, the researcher reviewed some related literature. Necessary data were collected from both primary and secondary sources. The primary data were from personal interviews on staff in accounts department in these companies Delta marine Company, Oil Ltd, Presidential hotels Prot Harcourt and Intel logistics, questionnaires were issued and observations taken. The data collected in the questionnaires were analyzed through percentages and chi-squares Many problems were found to militate against proper accounting for deferred taxation. These problems are as a result of inadequate skilled manpower and facilities, lack of risk management departments which will take care of tax risk and other inherent risk of the cooperation, in addition to this, some staff does not understand deferred taxation accounting.