Risk Management In The New Millenium

Risk management has rapidly developed to become an integrated, holistic approach that now encompasses the main risk elements such as product quality control, occupational health and safety, security, environmental liability, social issues and related management information systems. Given the obvious economic benefits, a seamless blend of risk management components has become essential to allowing organisations to sustain a competitive advantage, and is also looked upon as an important attribute in organisational growth. Juxtaposed with this management philosophy is the global trend towards outsourcing, which has seen the emergence of independent, and specialist risk management organisations. The New Millennium will undoubtedly see a shift away from "in-house" risk management practices, and consequently, the selection of a suitable risk management partner - a major vehicle for improving shareholder value - will become an important strategic management decision.