xix ACknoWLeDgeMents P roducing the first edition of the textbook for the Institute of Risk Management (IRM) international certificate course was a significant but enjoyable challenge. Risk management is a rapidly developing discipline and it was no surprise that the first edition of this book needed revision in a fairly short period of time. Producing the second edition of the book has been equally challenging, but even more satisfying. The author is grateful to a large number of people who have helped with the development of the ideas that are included in this book. In particular, the students who have attended certificate workshops have proved to be a great resource in terms of keeping up to date with developments in the practice of the discipline of risk management. The ideas and enthusiasm of many of these students have assisted with the updating of this textbook. Discussions with fellow risk management practitioners have also proved to be extremely valuable. Attendance at the IRM Special Interest Group (SIG) meetings has provided many ideas that have been incorporated into this extensively revised edition.