xiv LI st oF F I g u R e s Figure 1.1 Figure 2.1 Figure 2.2 Figure 4.1 Figure 4.2 Figure 4.3 Figure 6.1 Figure 6.2 Figure 6.3 Figure 6.4 Figure 7.1 Figure 9.1 Figure 9.2 Risk likelihood and magnitude 20 Attachment of risks 23 Risk and reward 25 8Rs and 4Ts of (hazard) risk management 41 Risk management sophistication 46 Risk management and the bow-tie 47 IRM risk management process 59 Components of an RM framework 61 COSO ERM framework 63 Risk management process from ISO 31000 65 Three components of context 82 RM architecture for a large corporation 103 RM architecture for a charity 105