Book Description
Risk management is no longer confined solely to risk management specialists. Stakeholders ranging from employees to investors must understand how to quantify the tradeoffs of risk against the potential return. The failure to understand the essential nature of risk can have devastating consequences.
Globally renowned risk and corporate governance experts Michel Crouhy, Dan Galai, and Robert Mark have updated and streamlined their bestselling professional reference Risk Management to introduce you to the world of risk management without requiring you to know the intricate formulas and mathematical details.
The Essentials of Risk Management is the first book to make even the most sophisticated risk management approaches simultaneously accessible to both risk and non risk professionals. It will help you to:
- Increase the transparency of your risk management program to satisfy shareholders, employees, regulators, and other important constituencies
- Keep on top of the continuing evolution of best-practice risk policies and methodologies and associated risk infrastructures
- Implement and efficiently communicate an organization-wide Enterprise Risk Management (ERM) approach that encompasses market, credit, liquidity, operational, legal and regulatory, business, strategic and reputation risks
- Navigate thorny areas including risk policies, risk methodologies, economic capital, regulatory capital, performance measurement, asset-liability management, and more
- Efficiently allocate limited corporate resources to comply with the new generation of risk regulation and corporate governance regulation
As a non-risk professional or board member, you are being called on more than ever before to make sophisticated assessments of your organization's risk exposures as well as play a critical role in its formal risk management process. The Essentials of Risk Management tells you what you need to know to succeed in this challenging new environment.
Customer Reviews:
Good Introduction.......2007-08-01
I would highly recommend this book to the begginer/budding Risk Manager
For the experienced risk professional, this is a bit too fundamental.
An excellent introduction.......2006-07-11
This book provides an introduction to the field of risk management for readers who do not yet want to get deeply involved in the mathematical formalism that is typically used. The authors wrote the book so that it is "accessible to everyone", and they have done a fine job. Those readers who need a more quantitative treatment will have to consult another book or the vast research literature on the subject. Risk management, as they see it, is an attempt to estimate both the `expected' losses and the `unexpected' losses, and being able to differentiate between these two concepts goes to the core of the subject. Thus the book emphasizes the "intuition" behind risk management, and not the formalism. However, one must not conclude from this that "intuition" and "formalism" are distinct, and the belief that they are has resulted in a lot of confusion (and financial losses) in recent years. The authors clearly do not believe that they are, but have merely emphasized "intuition" from a pedagogical point of view.
The authors classify risk into eight categories, namely market, credit, liquidity, operational, legal and regulatory, business, strategic, and reputation risk. Financial risk, as they see it, is composed of two of these, namely market and credit risk. Their discussion of corporate risk management is very interesting, in that it begins with the observation first made almost forty years ago that the value of a firm is not altered solely by financial transactions. This is due to their assumption of the perfect market hypothesis, which effectively suppresses the ability of the firm to gain significant advantages over an individual investor. Therefore with this assumption a firm should not concern itself with risks outside of the ones that all other firms face. This is an interesting conclusion, particularly in the context of using hedging via derivatives, as it implies that it cannot compete with ordinary self-insurance, due to the presence of transaction costs. The authors discuss in fair detail why the perfect market assumption is faulty, and therefore why managing risk with hedging is a viable strategy.
The regulatory environment, particularly in the banking industry, has enormous ramifications for risk management, as the authors discuss in the book. This is due in part to the Basel Accords of 1988 and 1996, and Basel II which is due to be in place at the end of 2007. The Basel accords are essentially a standardization for capital reserves, defining a `assets-to-capital' multiple and a `risk-based capital' ratio. The authors review the 1988 Accord and discuss the elementary relationships involved, including the `Cooke ratio' and how to obtain the credit equivalent for the off-balance-sheet exposures. They also discuss the reasons for the 1996 amendment, which essentially were the result of the new trading activities that banks were indulging themselves in. It would have been interesting if the authors had included a (historical) discussion on the efficacy of the Basel Accords in suppressing banking failures. They do mention the fiasco with Barings Bank, claiming that its demise would have been adverted if it were prohibited from racking up huge exchange-traded futures positions. This is certainly true, but any regulation needs to be validated by historical data, to the extent that this is possible, and this requires of course tracking of the financial institutions that are under the umbrella of the regulation. In this regard though, the authors do view bank regulation as a `research lab' for risk management, implying that they are aware of the need for validation of any regulations that are actually put in place. It will be fascinating therefore to see the impact of the new Basel II accords when they become active, and indeed observe, if possible, any `regulatory arbitrage' that occurs. This also brings up the question of how to assess the quality of the risk management strategies of a particular financial institution. The authors spend a little time discussing this, with one of them referring to a method analogous to credit scoring.
No book on risk management could be complete without discussion of academic research on the topic, for the reason that much of this research has found practical application and has greatly influenced portfolio management and risk valuation. The authors review four theoretical models, namely modern portfolio theory, the capital asset pricing model, the Black-Scholes option-pricing model, and the Modigliani-Miller theory of corporate finance. Even though the discussions are very short, one has to admire the authors' ability to avoid complicated mathematics in discussing all of these theories without sacrificing clarity. The more mathematically-mature reader may perhaps be annoyed with the omission of mathematical formalism, but a natural question that might arise for such a reader is whether or not risk can indeed be put in a general axiomatic framework that will encompass all of its different manifestations, such as credit risk, operational risk, etc. Such a framework would allow a complete mathematical characterization of risk, and would allow various general and quantitative statements to be made about it.
Due to the extent of mortgage portfolios in the United States at the present time, and due to the sensitive dependence of their values on interest rates, the authors spend a fair amount of time discussing interest-rate risk and how to hedge it with derivatives. Thus they speak of the `sensitivity' of financial instruments to certain risk factors, and study the case of fixed-income products via the `DV01' risk measure, which is the change in value of a security after a change in interest rate of 1 basis point. This measure gives a `first-order' approximation to the change in yield, but the authors show how to obtain a `second-order' approximation using the `convexity' adjustment.
For complex portfolios, the most popular method for risk management has been the value-at-risk or VAR, and so it is not surprising that the authors devote an entire chapter to it in the book. The authors view it as a more sophisticated method because of its ability to deal with volatilities and correlations. However, they point out that its efficacy is restricted to relatively short time scales and under `normal' market conditions. The fiasco at LTCM (Long Term Capital Management) is discussed as an example of the failure of VAR to measure risk over long time scales and under abnormal market conditions. They do not however give any detailed evidence for this claim, but a perusal of the research literature (surprisingly rather slim) reveals that LTCM made "major" errors in terms of their risk management, if viewed from the standpoint of VAR. This still leaves open the question as to whether it made "major" errors from the standpoint of some other method for measuring and evaluating risk that is possibly radically different from VAR.
A Non-Mathematical Approach.......2006-04-19
The essense of investing is that increased risk should be compensated for by increased return. The problem lies in measuring and thus managing risk. Measuring risk is in the same category as predicting the future. The future is uncertain, the best guesses fail as bad weather, oil embargoes, or any of a whole list of other incidents change the situation.
Risk management isn't simply a matter of avoiding risk. It is instead a matter of identifying it, measuring it, appreciating its consequences and then taking actions accordingly. Insurance is perhaps the best example.
If a hundred sailing ships go out and 90 return, spreading the risk among all hundred ships compensates for the loss of the ten. And Lloyds is born.
During recent years several techniques have been developed to measure risk. This book discusses them in a non-mathematical way that can be used by both risk and non-risk professionals. In essence it brings sophisticated techniques to be accessible to a wide audience.
Book Description
There's a good reason project risk management is one of the most vital of the nine content areas of the Project Management Body of Knowledge (TM). Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. It's no wonder that project managers are increasingly focusing their attention on risk identification.
Identifying and Managing Project Risk is a practical guide to minimizing the possibility of failure in critical projects. The book takes readers step by step through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Relevant figures and diagrams support the text and illustrate key scenarios. At the end of each chapter is an analysis of how the principles just discussed applied to a supreme example of what many once considered a truly impossible project: the building of the Panama Canal.
Packed with real-world information, this book is essential reading for any project manager seeking to complete projects smoothly and successfully.
Customer Reviews:
A pretty good book.......2007-05-26
While I'm using this as required reading for a grad school class on Risk Management, I'd read this even if it wasn't required. Engaging for a not-so-easy subject to talk about, along with good and relevant examples. Talking about big and small projects, you get a feeling as you read that this book is for you, not just "big time companies" with mega projects.
Easy to Read.......2007-05-07
The book is very well-written and easy to read. I work in a high-tech start-up company and this book was quite applicable to some of the tasks we do.
Good overview, heavy in IT & scheduling.......2007-03-24
This risk management book provides a good overview of the risk management process from start to finish, and provides examples from technical projects. The text guides the reader through the three steps of risk identification, assessment, and management, and discusses the difference between macro-management of risk at a corporate or portfolio level, and micro-management of risk at the project level.
The book stresses the need for an understanding of each facet of the project in order to identify areas of risk. There is a very strong emphasis on scheduling, with many good suggestions regarding risk reduction, and the timing of risky activities during the course of the project. The information provided is largely qualitative, with some brief discussion about quantitative analysis, methods, and risk assessment tools. Some of the quantitative methods described are specifically for IT projects, with criteria such as technology, architecture, and system complexity. The material in the book relies heavily on the PMI Guide to the Project Management Body of Knowledge, 2000 edition (PMBOK).
The bulk of the book focuses on good risk management techniques, decision-making, and project planning. Management tools, such as root cause analysis, diagnostic project metrics, and financial metrics, are described in detail. The author provides the reader with a broad scope of information regarding risk management, and the book is an excellent resource for those who seek an introduction or refreshment of good project management and risk management concepts.
Essential.......2006-07-28
Very readable. Great reference. Includes explanations of Why you do things, not just How to do them. This book also takes a broad view of Risk, and when it is about 'Risk' it relates the planning and controlling to the other PMBOK processes and knowledge areas. Risk management as a comprehensive concept. Wow, who'da thunk. Kendrick impresses; I own and use his PM Toolkit almost daily.
A "Must Have" for Your Library.......2006-05-11
As the other reviewers have indicated, this book is an excellent addition to your library.
It is well-written, well-organized, and supported by real-life data from his PERIL database (compiled from hundreds of projects, world-wide, over the past decade). The book makes good use of bullets and diagrams to emphasize and/or explain important points.
I particularly liked the way he correlated his material with the Project Management Institute (PMI)'s PMBOK.
Further, I appreciated his discussion of some of the most difficult issues that arise when implementing a formalized project management methodology (including some that are seldom addressed in books), e.g.:
o Tips for persuading senior level management of the necessity of a formalized project management methodology
o Recognizing the power shift that occurs within a company when formalized project management/portfolio management processes are implemented and followed
o Metrics, derived from the PERIL database, relating to things such as the impact of the permanent (or temporary) loss of a project team member. (I'm always looking for metrics to support some business case, or other request to senior management, for additional ... time ... resources ... budget, etc.)
o The Appendix, which listed some of the Schedule, Resource and Scope risks from the PERIL database
o The sample Risk Questionnaire, and the many other tools, tip and procedures included in the book
Overall, I give it five stars and expect that it will become "dog-eared" very quickly, from heavy use, as I refer to it often in my work.
Product Description
As the most widely-used textbook on managed care, Essentials of Managed Health Care provides an authoritative and comprehensive overview of the key strategic, tactical, and operational aspects of managed health care and health insurance. With a primary focus on the commercial sector, the book also addresses managed health care in Medicare, Medicaid, and military medical care. An historical overview and a discussion of taxonomy and functional differences between different forms of managed health care provide the framework for the operational aspects of the industry as well. This revision includes updates to all chapters, as well as: New chapters on disease management, case management, pharmacy benefits management, behavioral health management, prevention, and the use of data and analysis in care management. New chapters on claims administration, sales and marketing, healthcare consumerism, and the employer s view of managed health care. Completely revised chapter on the new Medicare/Medicaid laws and programs. New chapters on the military health system and managed care in a global context. New chapter on HIPAA.
Customer Reviews:
Obviously not the first shot at the material........2006-10-10
The author created an invaluable tool to help begineers understand the rather complicated topic of managed care using a straightforward linear approach to the topic. All topics are covered early with references to indepth coverage found later in the volume.
Getting the book is just a tool though, you really gotta want to learn the material because as practiced as the author is at putting the pen to paper, it's a very difficult topic and therefore, read.
Management of Managed Care.......2006-03-18
The book was easy to understand and was written from the perspective of someone who is unfamiliar with the managed care topic. I recommend it highly
Excellent Overview of Managed Care.......2000-05-06
Excellent, comprehensive primer on the intricacies of managed care. Covers all the major topics, including delivery systems, public and private sector forms of managed care, regulatory and legal issues, medical management, information systems, and operational issues. Thoughtfully done by Dr. Peter R. Kongstvedt and contributors.
Book Description
Credit Risk Management will enable general bankers, staff, and credit analyst trainees to understand the basic information and principles underlying credit risk evaluation, and to use those underlying principles to undertake an analysis of non financial and financial risks when preparing a credit proposal. Since the best loans are the ones that do not present problems during the repayment phase, the authors also focus on elements relating to the proactive management of those loans during their inception.
This book introduces:
*Credit analysis, approval and management processes
*Concepts of financial and non-financial risk
*Financial statement analysis, including the use of ratio anaylsis
*Cash flow analysis and forecasting
*Security enhancement & management procedures designed to legally & financially manage credit risk
*Inspired by the basic entry level training courses that have been developed by major international banks worldwide.
*Will enable students and those already in the finance profession to gain an understanding of the basic information and principles of credit risk
*Questions with answers, study topics, practical "real world" examples and text with an extensive bibliography
Book Description
A concise introduction to financial risk management strategies, policies, and techniques
This ideal guide for business professionals focuses on strategic and management issues associated with financial risk. Essentials of Financial Risk Management identifies risk-mitigation policies and strategies; suggestions for determining an organization's risk tolerance; and sources of risk associated with currency exchange rates, interest rates, credit exposure, commodity prices, and other related events. Examples illustrate risk scenarios and offer tips on an array of management alternatives, including changes in the way business is conducted and hedging strategies involving derivatives.
Download Description
A concise introduction to financial risk management strategies, policies, and techniques This ideal guide for business professionals focuses on strategic and management issues associated with financial risk. Essentials of Financial Risk Management identifies risk-mitigation policies and strategies; suggestions for determining an organization's risk tolerance; and sources of risk associated with currency exchange rates, interest rates, credit exposure, commodity prices, and other related events. Examples illustrate risk scenarios and offer tips on an array of management alternatives, including changes in the way business is conducted and hedging strategies involving derivatives.
Average customer rating:
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Glaucoma (Essentials in Ophthalmology)
Manufacturer: Springer
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Binding: Hardcover
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ASIN: 3540262202 |
Book Description
This second Glaucoma volume of the Essentials in Ophthalmology series, as in the first, provides a picture of recent progress in the field of glaucoma, in both basic clinical research and applied clinical science. Its intention is not to replace textbooks on glaucoma, but to serve as a conceptual bridge between original research and textbook presentation.
The volume encompasses: Frequently unmentioned aspects of therapy including adherence, persistence and health economics.
An update on electrophysiology and its relevance to glaucoma diagnosis and monitoring
Aspects of glaucoma management, such as risk calculation and tube shunt procedures.
New aqueous outflow concepts.
A look into the future of glaucoma medical therapy.
The editors have set out to provide the reader with diverse and interesting topics reflective of the evidence-based, modern approach to the field of glaucoma.
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Professional Liability And Risk Management: An Essential Guide for Obstetrician-Gynecologists
Manufacturer: American College of Obstetricians & Gynecolog
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Binding: Paperback
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ASIN: 1932328157 |
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A Study Guide to Essentials of Managed Health Care
Manufacturer: Jones & Bartlett Publishers
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Essentials of Managed Health Care
ASIN: 076372534X |
Book Description
* A practical and concise approach to analyzing and managing risk in projects
Book Description
A condensed version of the classic Fundamentals of Risk and Insurance, this accessible text contains the latest forms, statutes and court decisions and examines specific contracts in detail to emphasize insurance principles. Addresses such timely issues as the high cost of medical care and automobile insurance. detail to emphasize insurance principles. The helpful study aids and the critical essentials of risk management and insurance remain intact. A special section on buying insurance prepares the reader for future purchases.
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