Corporate scandals, Sarbanes-Oxley disclosure regulations and stepped-up requirements by rating agencies are among the forces driving the risk management profession into uncharted, enterprisewide territories, according to a pair of risk managers leading their colleagues into the new frontier.

A migration has been taking place from the traditional version of risk management--which addresses process, and is narrowly focused on pure property and liability issues--to a broader view at a higher level in the organization via enterprise risk management, according to Beaumont Vance, senior enterprise risk manager at Sun Microsystems.

So while risk management has changed over time, "one thing is certain--it is not going to go away," he said. Rather, the function will become increasingly important in the business community, he predicted during his presentation on "Conquering The New Frontier: Enterprise Risk Management," which was part of the inaugural Virtual Conference produced last November by National Underwriter.

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