Risk-taking is at the heart of business. It shapes entrepreneurial growth and is the engine of enterprise. Yet in the past few months it has become clear to all that corporate risk management has been woefully neglected. Indeed, in many companies it is all but absent in decision making. In most, it will need to be better managed if business is to flourish in the new market conditions – company risk procedures are likely to be under increasing scrutiny. In this new world, understanding risks – and balancing risks taken with potential returns – has to become a fundamental part of corporate management. This paper identifies three major initiatives to address risk management weaknesses without delay.