According to the international standard ISO 31000, risk managementRisk management refers to coordinated activities to direct and control an organization with regard to risk. Nowadays, there is a strong desire and enthusiasm across various industries to implement risk management in organizations. It is recognized that risk cannot be eliminated, and must be managed. This lesson unpacks the core principles of risk managementRisk management, starting with the distinction between qualitative and quantitative risk assessmentQuantitative Risk Assessment (QRA). Then, the lesson explores how to select risk assessmentRisk assessment methods. The lesson further outlines the risk management process, and the main elements of risk management are introduced. Notably, the most recentNORSOK NORSOK Z-013 standard is followed. A focus is placed on defining theRisk tolerance criteriarisk tolerance criteria (RTC) and the ALARPAs Low As Reasonably Practicable (ALARP) principle, which seeks to reduce risk to a level that is as low as reasonably practicable. On this basis, the lesson examines the philosophical conflict between RTC and ALARP. Lastly, challengesChallengesin implementing quantitative risk assessmentQuantitative Risk Assessment (QRA) are addressed. The lesson prepares readers to grasp the fundamentals of risk managementRisk management.