This revised and updated 3rd edition of Engineering Risk Management (ERM) presents an understanding and insights into what risk is, what constitutes it and how to interpret the building blocks of the concept. The book also elaborates on the differences between safety and security, and risk management metaphors. Models, theories and principles are discussed, as well as risk assessment methods, risk treatment, risk resilience and micro-economic approaches to optimizing risk decision-making. Some iconic major accidents are explained, followed by examples of practical implementation of ERM in chemistry, physics, and nanotechnology.