This report has a two-fold objective. The first is to identify the changing risk management needs in the private and public sectors and the corresponding needs for development of risk analysis methods and related practices. Second to list examples of projects where Nordic co-operation between industry, authorities and universities can be effective for increasing the contribution of risk management to industrial growth and a sustainable society. A Nordic expert group, funded by the Nordic Industrial Fund, identified the urgent need for co-operative Nordic risk management research and suggested a structure for co-operation and cross-disciplinary research and for dissemination of knowledge and implementation. The group also specified research areas and project ideas for future development into actual research projects. A workshop with participants from the Nordic countries was one source of ideas.