The idea for LRI began in the USA in 1996, with the goal of responding to public and stakeholder concerns through scientific investigation. The focus is on gaps in industry's knowledge and understanding that are critical for risk assessment. The broad aim is a validated infrastructure of scientific advice on which the entire industry and regulatory bodies will draw to respond more quickly and accurately to the public's questions.

Today's LRI is jointly managed by the American Chemical Council, Japanese Chemical Industry Association, and European Chemical Council (CEFIC). The LRI sponsors research to help address some of the priorities of the European public health strategy:

- improving risk assessment of chemicals and more specifically monitoring effects of chemicals on health
- understanding the environmental factors in human health
- establishing endocrine disruption references
- and co-ordinating research, data and activities at a European level.

LRI also addresses many of the environmental objectives of the European Union, including:

- linking environmental factors to health effects
- understanding and reducing chemical risks to environment
- improving animal testing in risk assessment.