Risk management

The meteoric growth of Risk Management in the last ten years in the USA is now starting to be experienced in Europe. This is because cost conscious companies instead of having different departments dealing with identifying risks, measuring risk, controlling risks, or financing risks either externally or through self insurance, are now realising that their real objective is one of CONSERVING ALL RESOURCES. What is the distinction — often overlooked — between hazard and risk? What do we understand by pure and speculative risks?