Global risk potentials and their interplay with economic, social and ecological processes of change have emerged as a challenge to the international community. By presenting this report, the Council hopes to contribute constructively to an effective, efficient and objective management of the risks of global change. The approach taken by the Council is first to classify globally relevant risks and then to assign to these classes of risk both established and innovative risk assessment strategies and risk management tools. On this basis, management priorities can be set. The Council further recommends a number of cross-cutting strategies for international policies. These include worldwide alignment of liability law, creation of environmental liability funds, establishment of a United Nations Risk Assessment Panel and implementation of strategies aimed at reducing vulnerability to risk.