At the request of Chairman Gregory B. Jaczko, a task force headed by Commissioner George Apostolakis prepared this report. The task force’s charter was to develop a strategic vision and options for adopting a more comprehensive, holistic, risk-informed, performance- based regulatory approach for reactors, materials, waste, fuel cycle, and transportation that would continue to ensure the safe and secure use of nuclear material. The proposed risk management regulatory framework builds upon well established practices, such as the NRC’s defense-in-depth philosophy and its policies to incorporate risk-informed and performance- based approaches into the agency’s regulation and oversight of byproduct, source, and special nuclear materials. Risk management is being adopted by many different organizations, including Federal agencies, and would seem to be the logical next step in the evolution of the NRC’s regulatory programs. The report describes a proposed risk management regulatory approach that could be used to improve consistency among the NRC’s various programs and discusses implementing such a framework for specific program areas.