What does the Board want to see when presented with risk data? Current risk management practices, based upon rating the Likelihood and Impact of risk events, and the use of a risk matrix for analysis of risk ratings, are deeply embedded in organisations. The approach is widely practiced in all industries and is advocated by many academics and risk practitioners. By examining the processes and the fundamental principles by which organisations arise at their risk ratings and hence their Board reports, Risk by Design uncovers opportunities to make risk assessment and reporting more meaningful and more rational. The approach is based upon a philosophy of simplicity and a new way of thinking about risk.