These days there are different types of risks faced by the organizations and much emphasis is placed on its procedures following the aftermath of corporate scandals and global financial crisis. It is imperative to assess and appraise the nature, quantum and extent of the risks faced by the organizations specifically, in the Insurance Companies. An appropriate risk management strategy needs to be formulated by these companies. The main emphasis of this book is to evaluate the significance of the key constructs and the determinants of risk management and its process. This book also suggests a number of tools and techniques that are used by the dynamic and competitive organizations. It covers the theory of risk management, enterprise risk management, risk management in the insurance companies and the COSO enterprise risk management framework. This book will enhance the understanding of the layman interested in gaining knowledge about risk management and will also enrich the technical expertise of the risk managers, chief risk officers (CRO), the corporate executives and the practitioners.