Banks are in business in order to generate returns for their stakeholders. To achieve this, they must take risks and embed them in the products and services they provide. Risk management has become ever more important as the complexity of banking has increased and regulators attempt to more closely match capital with risk profiles. From a regulators point of view, the most desirable aspect of banking is survivability rather than profitability; and the key to survivability is risk management. This course looks at the links between risk, return, and survival, in addition to outlining the main types of risk that banks face and the key elements of an effective framework for the management of these risks.