This title is designed to be accessible to both technical and non-technical readers. "The Practice of Risk Management" is unique in its presentation of information and techniques indispensible to any form aspiring to efficient risk management.
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"As a guide for practitioners by practitioners, 'The Practice of Risk Management' is a unique contribution to the risk management community. I highly recommend it to all practitioners in risk management." -- Yong Li, Director GARP - Global Association of Risk Professionals
From the Inside Flap
Developments in banking and finance over the past 25 years can be described as revolutionary. Increasingly sophisticated technology and communications have been the catalysts for a huge surge of innovation in the financial arena that has brought vast benefits but also new and extraordinarily complex elements of risk. These developments have meant new challenges for risk managers in financial institutions and for those charged with the official supervision of such institutions.
Large losses incurred recently by some of the world's top institutions have shown just how great these risks can be. Thus The Practice of Risk Management: Implementing Processes for Managing Market Risk could not have come at a more timely moment. This book provides a practical guide to implementing the theory of risk management on a day-to-day basis in financial firms, focusing particularly on managing market risk, where the techniques of risk management are currently most developed.
The Practice of Risk Management is designed to be accessible to both the technical and the non technical reader and allows selective reading without detracting from the overall message.
The book is divided into four sections. The first places risk management in context, both in the current world and historically, as well as defining market risk. It also provides an overview of the important events which have shaped its development and led it to be recognised as a core competence for financial firms. The second explores the various issues associated with compiling an effective toolkit for measuring a firm's exposure to market risk. The third describes the practical challenges of implementing and sustaining a risk management function for market risk, particularly highlighting the crucial importance of instilling a risk management culture throughout a firm. The Practice of Risk Management finally considers how developments in risk management theory and practice are influencing the wider environment within which firms operate.
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What the market says about The Practice of Risk Management,
By A Customer
This review is from: The Practice of Risk Management (Hardcover)
"Have you ever wondered about how people work in risk management departments of leading banks? What is the tisk culture like? How does the risk management process work? What risk analyses and reports do they use? Go to the 1998 book, The Practice of Risk Management; you will find the answers to all those questions. A collective effort by a dedicated team from both Goldman Sachs and SBC Warburg Dillon Read, the 265-page book is the first treaty of its kind in describing the firmwide risk mangement landscape in these two leading financial institutions. With a delicate balance between conceptual discussion and practical examples, the book takes 4 sections and 20 chapters to cover the context of risk management, the toolkit for measuring market risk, risk management in the real world, and the changing world of risk management. Besides mainstream topics such as firmwide risk mangement framework, risk measurement, and regulatory issues, the book contains detailed presentation of risk reports, and in-depth discussion on risk capital management. For example, there are detailed examples of stress test reports, hot spots reports, best replicating portfolio reports, and implied view reports. These are tactical reports that explain a lot about the risk profile of portfolios in addition to VaR reports. The issue of capital allocation and capital investment have been examined carefully and a general framework of measuring risk adjusted performance (RAPM) is presented. The book finishes with a whole chapter on the future prospects of risk management 10 uears down the road using FutureCo as an illustrative example. Read it to see if you agree! As a guide for practitioners, The Practice of Risk Management is a unique contribution to the risk management community. I highly recommend it to all practitioners in risk mangagement
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