Given the current environment facing Chemical and Pharmaceutical industry, managing risks can be a daunting task. Amongst the top risks facing the chem-pharma industry one can count supplier non-conformance, failure of critical assets, product recall, non-compliance, Employee Health and safety, environmental impact, time to market and finally the risk of litigation. Given the fact that these risk sources are distributed across the enterprise a risk management approach addressing enterprise risks is best suited to identify, assess and mitigate risks in the chem-pharma sector. Risk transfer through insurance however, can provide some respite.