Introduction: Lack of accountability demands in university business administration may be as a result of less attention given to genuine learning approach in university education. This study was undertaken to assess the causal effects of task-based approach to learning risk management on effective business decision making and outcome appraisal of universities in Nigeria. Method: The study was a true experimental design study aimed at Knowledge and Learning Management (KALM) in universities for enforcing business accountability. The population included 250 undergraduate final year students of educational management in public universities in Cross River State, Nigeria for 2017/2018 session. The sample consisted of 120 subjects purposely selected. A researcher constructed instrument was validated and had a reliability coefficient of 0.88 obtained using cronbach's alpha method. Three research questions and one hypothesis guided the study. Data was analysed using mean, percentage and independent t-test analysis. Results: The results showed that task-based approach produced improvement in knowledge after learning risk management. Male and female students learned risk management in the same way for university business decision making and outcome evaluation. Discussion and conclusion: Based on the result above, task-based approach to learning risk management guaranteed development of knowledge and cognitive skills of university students in university business opportunities. The implication of this finding was that students' learning motivation and task sharing towards knowledge retention in university business outcome could not have been achieved unless something urgent was done to address the issue in a timely manner. Therefore, university management should be able to pay particular attention to genuine learning of task processes and task strategies in risk management. More so, university teachers should be aware of the benefits of integrating learning stages of pre-task, task cycle and post task in enhancing quality decision making choices in university business offers.