The Functional heads perform on going risk profiling that seek to ensure that operational risks are identified, assessed, recorded and managed and that controls implemented are effective and consistent with the Board’s risk appetite. Key risks are monitored regularly. Risk Management Versus Science : Science advances knowledge, and presumably anything that advances knowledge tends to reduce subjective risk. Yet as science advances, new doors to new unknown are opened, thus creating a new chain of uncertainties. However, the net effect of scientific advances is very likely to reduce subjective risk feeling by increasing one’s confidence the eventual solution of future problems. The potential effects of science on the Insurance industry are profound