This course is designed to train the participants in managing financial risks -specially credit risk and operational risk, using advanced methods. The course starts by introducing the main concepts of credit risk and its background. Then the most important credit risk measurement procedures and models are presented, starting by the traditional approaches to continue with the more recent techniques. Later the course addresses how credit risk is transferred and hedged, and the financial instruments and techniques required to do so. Finally, the course deals with counterparty risk and operational risk, whose importance and presence in the financial system at every level (identification, measurement, regulation, etc.) has increased notably since the crisis of 2008.