1 IntRoDUCtIon t he 2011­2012 edition of Managing Business Risk breaks new ground. For the seven previous editions, the range of content was confined to the principles and practice of managing risk throughout corporate activity and in selected industries, but always within the UK and other EU member states. This year the canvas has been broadened with a focus on issues of risk in key emerging markets: the four BRIC countries, South Africa and Southeast Asia collectively. Chapters in Parts 4 and 5 highlight the major risks in each of these territories and try to assess the degree to which they are manageable. For the first three parts of the book, it is `business as usual' with a concentration on those areas of risk in corporate management that have emerged as particularly relevant during the last year or two of the extended recession in Europe. In Part 1, DNV opens the book with two chapters at the heart of risk management. In the first, Priti Nigam and Mariel Ramos articulate the DNV approach to sustainability risk; in the second, Alan Gifford and Simon King explain why enterprise risk management (ERM) is of increased relevance in today's business conditions. They are followed by five chapters on practical risk management issues that also