Properly identifying, measuring and mitigating pension risks continues to be a critical element of fiduciary governance. The complexity and ongoing nature of the risk management process is sometimes overlooked as less important than realising a particular rate of return. Recent market volatility, large funding deficits and pressures from creditors, shareholders, rating agencies and plan participants make it harder for pension plan fiduciaries to avoid the adoption of some type of pro-active risk control strategy that effectively integrates asset and liability economics. At a time of great uncertainty, chief financial officers (CFOs) are increasingly being asked to shoulder the burden of making pension-related funding decisions that have the potential to materially and adversely affect plan participants, shareholders and creditors. As a result, the CFO is exposed to fiduciary liability, career risk and the economic consequences of an outcome with enterprise impact.