This book provides a methodologically sound approach to value-oriented risk management, an interdisciplinary field that encompasses components from controlling and actuarial science. The application-oriented approach enables the reader to practically implement a risk management system based on quantitative methods within a company, while critically assessing its limitations. The focal points of the book include risk capital and capital allocation, performance measurement, and value-oriented management. It also establishes a connection to regulatory developments, such as Solvency 2. In the new edition, the sections on Solvency 2 have been completely revised and updated. Additionally, this book contains detailed calculation examples programmed in the open-source scripting language Julia, which can be downloaded from the internet.