The Society for Risk Analysis is formed in Washington to represent public policy, academic and environmental risk management advocates. Risk Analysis, its quarterly journal appears the same year. By 1999 SRA has over 2,200 members worldwide and active sub-groups in Europe and Japan. Through its efforts, the terms risk assessment and risk management are familiar in North American and European legislatures. Ruckelshaus had been the first director of the Environmental Protection Agency, from 1970-73, and returned in 1983 to lead EPA into a more principled framework for environmental policy.
Risk management reaches the national political agenda.
The Institute for Risk Management begins in London. That same year the Congress of the U.S. passes a revision to the Risk Retention Act of 1982, substantially broadening its application, in light of an insurance cost and availability crisis. Its shock waves are global, reminding all investors of the inherent risk and volatility in the market. Much of its work is detailed in Natural Disaster Management, a 319 page synopsis on the nature of hazards, social and community vulnerability, risk assessment, forecasting, emergency management, prevention, science, communication, politics, financial investment, partnerships, and the challenge for the 21st Century. The Cadbury Committee issues its report in the United Kingdom, suggesting that governing boards are responsible for setting risk management policy, assuring that the organization understands all its risks, and accepting oversight for the entire process.