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Looks at the benefits of embedding a risk management capability across a whole enterprise. Gives particular consideration to the creation of such a culture, outlining four factors characterizing this environment. Covers three key risk areas, and provides a model of the governance structure and infrastructure elements required.

The author traces the history and philosophy behind the concept of risk transfer and concentrates on the underlying theory of insurance. He argues that the complexity of the modern business world has meant that the simplicity of the concept has been lost. To this has been added the additional burden of regulation and a greater concentration on risk management. He suggests that the concept of enterprise risk management is the one which cuts this Gordian Knot and describes its benefits in adding value to the enterprise.