The management of safety, quality and environmental issues covers a complex set of interrelated issues of concern to society and industry. Traditionally an engineering approach has been adopted for the management of risk; the development of technical standards, operations and requirements. Recently, industry leaders have begun to realize that real progress will be made only throgh effective risk management systems. This paper presents a few of the key requirements for improving risk management and risk analysis. By improving the way risk analysis is used for decision support, improving hazard identification exercise, while incorporating site specific properties of design, condition, operation and management into an analysis, it is possible to improve the value of current risk management techniques.