The third stage of labour involves the delivery of the placenta and membranes after childbirth. It normally lasts 5-15 minutes but can take up to 30 minutes without significant bleeding. The main risks include postpartum hemorrhage from uterine atony, retained placenta, or genital tract trauma. Active management with controlled cord traction and uterotonics after delivery reduces the risk of PPH compared to expectant management. Complications are treated by uterine massage, additional uterotonics, exploration for trauma, or surgery in severe cases of hemorrhage.