All firms and individuals are exposed to conditions or situations that present the possibility of a loss. Financial and non-financial losses may be incurred due to property loss, liability loss, personal/human losses, personnel losses (for a firm), lost opportunities, and reputation/goodwill loss. Risk management is the study of tools and techniques to handle these risks or uncertain losses. The first module in this course is designed to familiarize you with the basic aspects of risk and risk management as they apply to all firms and individuals. A second portion of the course presents an overview of the characteristics of insurance, and the basic aspects of the insurance market.