The objective of the course is to delve in the different types of risks and the framework of risk management. The course will enable students to understand the concepts and the jargon and how risk managers must become sceptics. The course will explain the risk typology and describe in detail credit risk, market risk, liquidity risk, operational risk, and reputation risk. It will articulate the concepts and technical tools used in risk measurement and management, including credit risk algebra, the statistical properties of ratings, V@R theory and V@R computation, the use of stress tests, and key risk indicators. It will also illustrate these in respect of a range of transactions or instruments, such as counterparty situations, collateral posting, repos and securities lending, as well as securitization. It will look at both pre- and post trade risk control, as well as explain how risk can be reduced or managed through settlement and central counterparty structures. It will describe risk appetite and risk tolerance and explain the importance of risk capital, as both a common unit of measure and a basis for shadow pricing. The course will be probing and fun, using real-life case studies and trading games to illustrate the relevance of theoretical teaching.