Risk management is a common thread that runs through much of modern finance. In more recent years, the practice of risk management in financial institutions has also assumed central importance, driven by both regulations as well as enlightened self-interest. This Industry Roundtable brings together seasoned professionals in banking, insurance and investment management to share their perspectives on how focused research can yield practical solutions to the myriad risk management problems they face in their daily work, ranging from risk control, through capital allocation and asset/liability management, to risk budgeting. By focusing on practical issues of current concern, the Roundtable seeks to provide conference participants with research ideas that can help foster closer collaboration between financial industry practitioners and academics with significant economic and social impact.