In the aftermath of the recent financial industry crash, many firms have taken a fresh look at their risk management approach. The formal Enterprise Risk Management (ERM) systems in the financial services industry were considered the most sophisticated in the world. That these systems failed spectacularly is clear. What is less clear is what these failures mean for the evolution of risk management across a broad range of non-financial industry sectors. More recently, the giant oil surge into the Gulf of Mexico has raised additional fears about the risks of using advanced technologies in challenging environments such as deep-water drilling. These two major disasters have raised many questions about the ability of both businesses and government to effectively manage complex economic and technological risk.