Risk is the four-letter word that no one can stop talking about, especially in this issue, Treasury & Risk's annual Risk Management Report. The top two worries keeping risk managers up at night are the impact of the continuing global economic crisis on their companies and on the financial security of their insurers, writes Senior Contributing Editor Russ Banham in this month's cover story. By day, risk managers are busy finding new ways to closely monitor the financial health of their carriers and spreading corporate risk among more insurers to reduce the impact of any one going bankrupt. Indeed, more than 33% of the senior financial executives responding to our annual Risk Management Survey say they have cut the amount of insurance they place with troubled carriers American International Group (AIG), XL Insurance or Hartford Insurance. Companies are also diversifying the number and range of the carriers in their directors and officers (D&O) policies, and finding that they need to jump through more hoops to get a good deal at renewal time. Meanwhile, the failures of the banking industry–with its star quantitative analysts or quants and their dazzling mathematical models–may have cast a shadow on the practice of risk management, but there is much to learn from their flame-outs, writes Contributing Editor Duncan Wood. Finally, treasury staffs are on high alert trying to figure out which banks will be left standing and what shape they'll be in as the financial crisis shakes out, writes Senior Contributing Editor Richard Gamble. And the new worldwide financial reregulation, just now unfolding, will likely change everything all over again. No risk of running out of challenges for a long time to come.