Risk Management theory was introduced to France from the United States in the early seventies. Since then, scholars in France have developed it into their own original theory. The study of Risk Management in France seems to be independent of the American theory, which tends to stick to the dichotomy between pure risks and speculative risks, and focus on a sort of insurance management of the former one. Contrary to developments within the academic field, the practice of Risk Management techniques in French corporations was not unveiled to the public. Thus, in 1984, AEAI did a survey of risk managers in European countries under the direction of Jacques Charbonnier. Ten years have passed since this survey and Risk Management in France is facing a new phase with regard to both its acadimic study and its practice in the real business world. In 1993, two French associations of Risk Management, Groupement des Assurés du Commerce et de I\u27Industrie (GACI) and Association des Chargés d\u27Assurances des Entreprises Françaises (ACADEF) merged into Association pour le Management des Risques et Assurances del\u27Entreprise (AMRAE). Last year, two researchers, Adrien Benard and Anne- Lise Fontan, who belonged to France\u27s largest insurance broker, Gras Savoye, published "La Gestion des Risques dans l\u27Entreprise", which included results of the survey towards risk managers in major corporations in France. The following study illusrates, (1) how Risk Management theory within the academic field reflects to the real activities of risk managers ; (2) how risk managers relate to top management decision making ; (3) the functions and the levels of risk managers in business organisations in France, based on the Gras Savoye\u27s survey of French Risk Managers. The following may be concluded. From the late eighties, risk managers in France became more conscious of risks such as the environmental problems and product liability, which have led to negative corporate images, as well as M & A and a rise in the cost of social welfare expenses. Prior to that, they were just concerned with risks which were manageable within the middle and operational levels of organisations. However, now that risk managers\u27 interests and scope have shifted to much broader risks at the level of general management, it is necessary to establish a system, where they will be able to relate their Risk Management policy to the decisions and the strategies at top management level, as it has been pointed by researchers in France
