Assuring the existence of internal systems for effective risk management is a core component of corporate governance... Yet the global recession caused by the financial meltdown and the runaway Deepwater Horizon leak in the Gulf of Mexico show, yet again, that the consequences of a business failure to anticipate and plan for catastrophic risks can devastate companies, society, communities, and the environment... [C]ompanies must take a hard look at the effectiveness of their own risk management systems. Unless they incorporate more effectively the interests of external stakeholders who may be harmed if and when the worst occurs, however, companies may still get it wrong. Building on the concept of ‘human rights due diligence’, factoring those views into company risk management requires the company to understand and address the adverse impacts of their activities on all stakeholders... [refers to BP, Shell]