This panel will explore the best practices for managing safety risks for innovative products in the ever-faster pace for both products and services and introduce the double challenge of innovative products and the speed at which those products appear and disappear in the market. Discussion points will include how the historic approach to developing and implementing safety standards is not keeping pace with innovation. Safety standards may lag the entire life cycle of a product, including innovative “second-generation” alternatives, resulting in the need for ever changing business models. The audience will have significant time to participate in the discussion.