A Growing Role: Environmental Risk Management in 1998

Telego, Dean Jeffery, Risk Management

The responsibilities of corporate risk managers are being influenced by a variety of trends and market forces, and environmental issues are playing a role in this paradigm shift in the concept of "good business." There is growing evidence that environmental risk management systems can assist a company in anticipating market demands, distinguishing itself from the competition and gaining commercial advantages that boost shareholder value. Many companies are paying greater attention to the link between long-term environmental protection and the commitment to achieve sustainable development and economic growth.

Among the trends driving the concept of sustainable development are the changing relationships between government and industry, as well as the growing willingness of companies to establish partnerships that enhance such development.

One direct result of corporate restructuring and consolidating is that more environmental risk management responsibilities are falling on the shoulders of corporate risk managers. At the same time, environmental regulatory philosophies are changing from command-and-control, technology-driven prescriptive programs to performance-driven, risk-based decision-making approaches.

These themes become more apparent when we look at some of the issues and challenges facing environmental risk managers today. This article briefly identifies eight central issues that are influencing the way risk managers will address environmental exposures in 1998.

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Publication information: Article title: A Growing Role: Environmental Risk Management in 1998. Contributors: Telego, Dean Jeffery - Author. Magazine title: Risk Management. Volume: 45. Issue: 3 Publication date: March 1998. Page number: 19+. © 1999 Risk Management Society Publishing, Inc. COPYRIGHT 1998 Gale Group.

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