According to the document, posted on www.ifrima.org, the value of risk management can and should be achieved by developing policies and activities in three significant areas:

? Contribution to the overall business objectives of the organization. All organizations must take risk in order to be successful, IFRIMA said. Appropriately applied, risk management will allow the organization to take the risks necessary to its overall value, and to leverage opportunities from the ability to take and manage risks.

? Good corporate governance requires that effective risk management programs be established by boards of directors and implemented by management. These programs must be comprehensive and transparent, promoting risk consciousness through the organization and allowing for comprehensive reporting externally to shareholders and regulators.

? Protection from adverse variances and catastrophes requires the consideration of both internal and external risk factors. Achieving appropriate protection requires a combined focus on risk mitigation and risk transfer through insurance, hedging or other financial instruments, according to IFRIMA.

"Risk professionals don't fit into a certain mold," said Ms. Meltzer, who also serves as assistant vice president of risk management at Sun Life Financial in Ontario. "Frankly, that is the intrigue of this profession for many of us. Across different industries, throughout different countries, the job description varies tremendously."