obtained from the successful management of that risk at whatever level of sophistication is 
appropriate at the time.The development in risk management approach can be summa rized as follows:
o Hazard management specialists may fi nd that there has been a trend towards a desire 
to retain more insurable risks (and buy less insurance) as a result of a more holistic 
approach to risk management.In summary:
o awareness of non-compliance - REFORM;
o actions to ensure compliance - CONFORM;
o achieve business opportunities - PERFORM;
o inactivity caused by obsession - DEFORM.o Strategic planners must recognize that risk management tools and techniques can
contribute to better strategic decisions and the successful exploitation of business
opportunities