RM won't even consider your claim for compensation until 15 days after you posted the parcel, so you can't actually do anything yet. Assuming it doesn't turn up, it's up to you to decide with the other swapper what you do about compensating her, though obviously if you're able to claim compensation the best option is to do that and use the money to buy another copy of the original book. If you print the details of the book off Amazon, RM will accept this as proof of the cost of the missing item and pay this in compensation, even though the book you sent was 2nd hand, not new. Do make sure you keep the other swapper in touch with what's going on and I'm sure they won't penalise you on the feedback.
Just one final thought - it's worth asking the other swapper to check at her local sorting office as sometimes parcels are left there and for some reason the notification card goes missing or doesn't get delivered.