Janice Ochenkowski, president of the Risk and InsuranceManagement Society, works hand-in-hand with her CFO. While thisshould be the rule rather than the exception, too many riskmanagers still find themselves on the outside looking in at uppermanagement, known as the C-Suite.

A yearning to learn how to break that barrier prompted hundredsof risk managers to pack the room at the recent RIMS conference,where Ms. Ochenkowski's boss laid out what chief financial officersexpect of them.

Ms. Ochenkowski is not your average risk manager. In fact, thatisn't even her title. She is managing director at Jones LangLaSalle in Chicago, handling global risk management for the realestate and investment management firm.

To become president of RIMS, a risk manager must be cuttingedge. Today, that means having a close working relationship withyour CFO if you intend to practice true enterprise risk management,rather than just buy insurance and do a little loss control.

“Risk management must have a more permanent role in theC-Suite,” said Lauralee Martin–a double member of the elitecorporate club since she is chief operating officer as well as CFO.That pronouncement was music to the ears of those at the RIMSluncheon.

But it takes more than just adding a fancier title like chiefrisk officer to your business card, Ms. Martin made clear.

Indeed, with companies pressured to constantly innovate andregularly reinvent themselves in an increasingly competitive andshifting economy, the role and responsibilities of the risk managershould be broadened to help CEOs, CFOs and other C-Suiters accountfor potential hazards along the way.

“The attitude today is you have more to lose if you don'texperiment than if you try new things. It's a different world ofrisk than the one I grew up in,” confessed Ms. Martin, adding that“risk shouldn't sneak up on you if you're in the C-Suite.”

Ms. Martin cited the subprime mortgage crisis as a primeexample. “It was an exercise in risk transfer, yet risk managementwas nowhere to be found,” she said, asserting it was time for thosein the C-Suite to “call on risk executives to contribute moresubstantially to strategic planning.”

She added that risk managers deserve a seat at the table oncompliance demands, reputational risk, natural catastrophe threats,terrorism, supply-chain exposures and other “corporate survivalscenarios.”

Now it's up to risk managers to rise to the occasion. Too manystill see themselves primarily as insurance buyers and claimsmanagers, and too few take the broader strategic view a CEO and CFOrequires.

As a profession, they've taken baby steps in the right directionwith the growing emphasis on enterprise risk management. RIMScertainly has done its share, aggressively promoting the concept,while educating those ready to walk the walk, rather than just talkthe talk.

But with a soft insurance market in full bloom, will riskmanagers be tempted to fall back into old habits, letting theirbrokers do most of the work while they take most of the credit forthe falling cost of standard risks?

Or will they seize the opportunity to expand beyond theirtraditional role? With insurance less of a challenge right now,it's the perfect time to step up and become a CFO's most valuableplayer.