Risk managers have to determine which risk a firm is exposed to, and must choose which risk to keep, which to shed, and which to hedge. The emphasis of this course is on state-of-the-art risk management practices. This course will introduce the taxonomy of risk which are quantified and managed by financial institutions. Topics covered will include market risk and credit risk. Special attention is also paid to the various products in the financial markets with emphasis on their valuations and models. The course will also cover some case studies that help to understand the financial crisis.