The risk management profession and the expertise of risk professionals continues

to develop in line with the ever-increasing expectations placed on risk managers

and risk consultants. Many more organizations have appointed individuals with the

job title chief risk officer (CRO) and this development has increased the need for

robust professional qualifications and designations for risk management practitioners.

Given the ever-increasing complexity of the business environment, it is not

surprising that production of the fourth edition of Fundamentals of Risk Management

became necessary, just two years after production of the third edition. The importance

and contribution of risk management continues to increase and centres of risk

management expertise and excellence continue to thrive in all business sectors,

whether private, public or third sector.

Lectures, seminars, special interest groups and other group meetings, as well as

one-to-one conversations with risk specialists assisted with the updating of this

book. It is clear that ideas and experiences related to enterprise risk management are

continuing to expand. A wide range of risk management-related standards are

currently being drafted and/or updated and the level of knowledge and expertise

involved in the production of these risk management standards proved to be a very

valuable source of information for the revision of the book.