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Frontiers of Risk Management was developed as a text to look at how risk management would develop in the light of Basel II. With an objective of being 10 years ahead of its time, the contributors have actually had even greater foresight. What is clear is that risk management still faces the same challenges as it did ten years ago. With a series of experts considering financial services risk management in each of its key areas, this book enables the reader to appreciate a practitioners view of the challenges that are faced in practice identifying where appropriate suitable opportunities.
Frontiers of Risk Management was developed as a text to look at how risk management would develop in the light of Basel II. With an objective of being 10 years ahead of its time, the contributors have actually had even greater foresight. What is clear is that risk management still faces the same challenges as it did ten years ago. With a series of experts considering financial services risk management in each of its key areas, this book enables the reader to appreciate a practitioners view of the challenges that are faced in practice identifying where appropriate suitable opportunities.
Credit risk evaluation is as old as commerce itself. Processes have been refined over centuries based on cumulative experience, judgment and learning. The rapid development of financial markets however has tested the limits of the traditional approach as highly publicized credit losses and huge non-performing loans across the globe well document. Distress among many credit professionals and regulators prevails. This book describes a different and unemotional approach to credit risk evaluation. Based on abstract and objective credit models, the concept of credit risk measurement is introduced through a range of theoretical and practical perspectives. From making a case for credit risk measurement as a complement to the more traditional approaches to credit risk management, the book covers validation, applications and new areas of credit risk management. Contributions by leading academics, practitioners and consultants provide for scholars and credit risk professionals but also less mathematically inclined readers or interested parties, a wide spectrum of ideas and concepts for developing and improving their own viewpoint, processes and approaches. A demo-CD of one particular model is included for practical testing and playing with applied credit risk measurement concepts.
CHOICE Recommended Title, March 2019 This book brings together diverse new perspectives on current and emerging themes in space risk, covering both the threats to Earth-based activities arising from space events (natural and man-made), and those inherent in space activity itself. Drawing on the latest research, the opening chapters explore the dangers from asteroids and comets; the impact of space weather on critical technological infrastructure on the ground and in space; and the more uncertain threats posed by rare hazards further afield in the Milky Way. Contributors from a wide range of disciplines explore the nature of these risks and the appropriate engineering, financial, legal, and policy solutions to mitigate them. The coverage also includes an overview of the space insurance market; engineering and policy perspectives on space debris and the sustainability of the space environment. The discussion then examines the emerging threats from terrorist activity in space, a recognition that space is a domain of war, and the challenges to international cooperation in space governance from the nascent asteroid mining industry. Features: Discusses developments and risks relevant to the public and private sectors as access to the space environment expands Offers an interdisciplinary approach blending science, technology, and policy Presents a high-level international focus, with contributions from academics, policy makers, and commercial space consultants
The general perception amongst most project and risk managers that we can somehow control the future is, says David Hancock, one of the most ill-conceived in risk management. The biggest problem is how to measure risks in terms of their potential likelihood, their possible consequences, their correlation and the public's perception of them. The situation is further complicated by identifying different categories of problem types; Tame problems (straight-forward simple linear causal relationships and can be solved by analytical methods), and 'messes' which have high levels of system complexity and have interrelated or interdependent problems needing to be considered holistically. However, when an overriding social theory or social ethic is not shared the project or risk manager also faces 'wickedness'. Wicked problems are characterised by high levels of behavioural complexity, but what confuses real decision-making is that behavioural and dynamic complexities co-exist and interact in what is known as wicked messes. Tame, Messy and Wicked Risk Leadership will help professionals understand the limitations of the present project and risk management techniques. It introduces the concepts of societal benefit and behavioural risk, and illustrates why project risk has followed a particular path, developing from the basis of engineering, science and mathematics. David Hancock argues for, and offers, complimentary models from the worlds of sociology, philosophy and politics to be added to the risk toolbox, and provides a framework to understand which particular type of problem (tame, messy, wicked or messy and wicked) may confront you and which tools will provide the greatest potential for successful outcomes. Finally he introduces the concept of 'risk leadership' to aid the professional in delivering projects in a world of uncertainty and ambiguity. Anyone who has experienced the pain and blame of projects faced with overruns of time or money, dissatisfied stakeholders or basic failure, will welcome this imaginative reframing of some aspects of risk management. This is a book that has implications for the risk management processes, culture, and outcomes, of large and complex projects of all kinds.
Risk management is a foundation discipline for the prudent conduct of investment management. Being effective requires ongoing evolution and adaptation. In The World of Risk Management, an expert team of contributors that include Nobel Prize laureates Robert C Merton and Harry M Markowitz addresses the important issues arising in the practice of risk management. A common thread among these distinguished articles is a rigorous theoretical or conceptual basis. Illustrated with full color figures throughout, they discuss topics ranging from broad policy considerations to detailed how-to prescriptions, providing professionals and academics with useful practical implementations.
Looking at the entire spectrum of financial services risk management, this practical guide identifies the key current issues and the solutions adopted by firms.
This unique comparative study looks at efforts to regulate carcinogenic chemicals in several Western democracies, including the United States, and finds marked national differences in how conflicting scientific interpretations and competing political interests are resolved. Whether risk issues are referred to expert committees without public debate or debated openly in a variety of forums, patterns of interaction among experts, policy makers, and the public reflect fundamental features of each country's political culture. "A provocative argument....Poses interesting questions for the sociology of science, especially science produced for public debate."—Contemporary Sociology A Volume in the Russell Sage Foundation's Social Science Frontiers Series
If you are a beginner to the world of options, Mastering Options—Effective and Profitable Strategies for Traders is essential for learning the basics of option strategies that will enable you to start making consistently handsome earnings. This book gives the novice a comprehensive understanding of using option investment and hedging strategies successful. The content is aimed primarily at the undergraduate whose ambition is to become either a trader in a financial organization or an online investor through a financial broker’s trading platform. It also provides seasoned investors and traders with new insights into using options as an investment tool. The key trading tools available on online trading platforms are explained in enough detail that beginners will be able to understand as well as learn how to invest effectively in the financial markets using options. Chapter by chapter, this book builds a complete understanding of the basic building blocks of investing in options, including common terms, easily understandable case studies and strategies.
A practical, real-world guide for implementing enterprise risk management (ERM) programs into your organization Enterprise risk management (ERM) is a complex yet critical issue that all companies must deal with in the twenty-first century. Failure to properly manage risk continues to plague corporations around the world. ERM empowers risk professionals to balance risks with rewards and balance people with processes. But to master the numerous aspects of enterprise risk management, you must integrate it into the culture and operations of the business. No one knows this better than risk management expert James Lam, and now, with Implementing Enterprise Risk Management: From Methods to Applications, he distills more than thirty years' worth of experience in the field to give risk professionals a clear understanding of how to implement an enterprise risk management program for every business. Offers valuable insights on solving real-world business problems using ERM Effectively addresses how to develop specific ERM tools Contains a significant number of case studies to help with practical implementation of an ERM program While Enterprise Risk Management: From Incentives to Controls, Second Edition focuses on the "what" of ERM, Implementing Enterprise Risk Management: From Methods to Applications will help you focus on the "how." Together, these two resources can help you meet the enterprise-wide risk management challenge head on—and succeed.