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Introduction > Risk management in practice - Pg. 6

6 Introduction techniques are considered in detail in this part. Part Four sets out the options for risk response in detail. Analysis of the various risk control techniques is presented, to- gether with examples of options for the control of selected hazard risks. This part also considers the importance of insurance and risk transfer. Part Five considers the importance of risk governance, and this extends to the evaluation of broader corporate governance requirements and the impact of risk on organizations. Also, the analysis of stakeholder expectations and the relationship between risk management and a simple business model is considered. Finally, Part Six considers risk assurance and risk reporting. The role of the internal audit function, together with the importance of corporate social responsibility and the options for reporting on risk management are all considered. Throughout the book, information is presented in tables and figures to make the information more readily accessible. Extensive use is made of the increasingly common approach of using a bow-tie representation of the risk management process. In order to assist with the use of abbreviations and acronyms, an additional appendix has been added to this second edition of the textbook. Appendix A is a full list of all acronyms and abbreviations used in the book. Appendix B provides a glossary of terms and cross-references the different terminologies used by different risk management practitioners. Appendix C provides a step-by-step implementation guide to enterprise risk management (ERM), as described in Chapter 19. Appendix C also includes reference to the acronyms used in the book and sets out the key concepts