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Fundamentals of Risk Management

Fundamentals of Risk Management

Understanding, Evaluating and Implementing Effective Risk Management

Paul Hopkin, Institute of Risk Management


Fundamentals of Risk Management is the definitive introductory professional text on risk management. Providing extensive coverage of the core concepts and frameworks, it is ideal reading for emerging professionals and risk students.

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About the book

Now in its third edition, Fundamentals of Risk Management provides a comprehensive introduction to commercial and business risk for anyone studying for a career in risk as well as for a broad range of risk professionals in different sectors. Providing extensive coverage of the core concepts and frameworks of business continuity planning, enterprise risk management and project risk management, with an increased focus on risk in international markets, this is the definitive guide to dealing with the different types of risk an organization faces.
With relevant international case studies and examples from both the private and public sectors, this third edition of Fundamentals of Risk Management is completely aligned to ISO 31000. Including a thorough overview of the international risk standards and frameworks, it explores the different types of risk an organization faces, including hazard risks and uncertainties. This new edition includes an extended section with best-practice advice on analysing your organization's risk appetite and successfully implementing a company-wide strategy on risk, reinforced by enhanced resilience. Endorsed by the IRM and the core text for their International Certificate in Risk Management qualification, Fundamentals of Risk Management is the definitive professional text for risk managers.

Table Of Contents

    • Chapter - 20: Importance of risk appetite;
    • Chapter - 21: Tolerate, treat, transfer and terminate;
    • Chapter - 22: Risk control techniques;
    • Chapter - 23: Control of selected hazard risks;
    • Chapter - 24: Insurance and risk transfer;
  • Section - FIVE: Risk governance;
    • Chapter - 25: Corporate governance model;
    • Chapter - 26: Stakeholder expectations;
    • Chapter - 27: Operational risk management;
    • Chapter - 28: Project risk management;
    • Chapter - 29: Supply chain management;
    • Chapter - 30: Strategy, tactics and operations;
  • Section - SIX: Risk assurance;
    • Chapter - 31: Evaluation of the control environment;
    • Chapter - 32: Risk assurance techniques;
    • Chapter - 33: Activities of the internal audit function;
    • Chapter - 34: Reporting on risk management;
    • Chapter - 35: Reputation and the business model;
    • Chapter - 36: Developments in risk management
    • Chapter - 19: Enterprise risk management;
  • Section - FOUR: Risk response;
    • Chapter - 18: Business continuity;
    • Chapter - 17: Defining the upside of risk;
    • Chapter - 16: Loss control;
    • Chapter - 15: Risk likelihood and impact;
    • Chapter - 14: Risk classification systems;
    • Chapter - 13: Risk assessment considerations;
  • Section - THREE: Risk assessment;
    • Chapter - 12: Risk practitioner competencies;
    • Chapter - 11: Risk training and communication;
    • Chapter - 10: Risk-aware culture;
    • Chapter - 09: Risk management responsibilities;
    • Chapter - 08: Risk management documentation;
    • Chapter - 07: Risk management framework;
  • Section - TWO: Risk strategy;
    • Chapter - 06: Risk management standards;
    • Chapter - 05: Principles and aims of risk management;
    • Chapter - 04: Development of risk management;
    • Chapter - 03: Types of risks;
    • Chapter - 02: Impact of risk on organizations;
    • Chapter - 01: Approaches to defining risk;
  • Section - ONE: Introduction to risk management;
    • Chapter - 00: Introduction;


This will no doubt become a seminal text for anyone involved in the role of corporate risk management. It is truly comprehensive, with a careful explanation of risk theory and numerous tools including frameworks, international standards and models.
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Book Details

  • EAN: 9780749472443
  • Edition: 3
  • Published: 3rd October 2014
  • Paperback
  • Dimensions: 240x170
  • 448 pages

About the Author

Paul Hopkin is currently Technical Director at the Institute of Risk Management, having held the same role at the Association of Insurance and Risk Managers (AIRMIC) for nine years. He was previously Director of Risk Management for The Rank Group Plc and prior to that Head of Risk Management at the BBC. He is a Fellow of the Institute of Risk Management.

The Institute of Risk Management (IRM) is the world's leading enterprise-wide risk education institution. IRM operates internationally with members and students in over 50 countries.

Paul Hopkin

Institute of Risk Management

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