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For FRM (Part I & Part II) video lessons, study notes, question banks, mock exams, and formula sheets covering all chapters of the FRM syllabus, click on the following link: https://analystprep.com/shop/unlimite... AnalystPrep is a GARP-Approved Exam Preparation Provider for FRM Exams After completing this reading you should be able to: - Explain the concept of risk and compare risk management with risk taking. - Describe the risk management process and identify problems and challenges that can arise in the risk management process. - Evaluate and apply tools and procedures used to measure and manage risk, including quantitative measures, qualitative assessment, and enterprise risk management. - Distinguish between expected loss and unexpected loss, and provide examples of each. - Interpret the relationship between risk and reward and explain how conflicts of interest can impact risk management. - Describe and differentiate between the key classes of risks, explain how each type of risk can arise, and assess the potential impact of each type of risk on an organization.