This paper aims to examine the association between the change in the firm's risk disclosure level and investors' reaction in the Egyptian capital market. An event study was conducted over two years (2018 and 2019) to capture how investors respond to the Egyptian firm's reported risk information. The findings revealed that the Egyptian firms' risk disclosure did not provide new information to the capital market. Hence, investors did not change their expectations regarding the firm's future cash flows and their trading reaction in the capital market.