Book Description
The dramatic changes in the financial services industry have had a great effect on profitability, forcing financial institutions to change their management focus. Increased competitive pressures, tightening interest rates spreads and declining deposits balances have made goals even more difficult to achieve. The Financial Services Industries Consulting Practices at Ernst & Young LLP have developed this perfect guide to help readers reach those increasingly difficult goals. This reliable source of guidance has insight on asset/liability management, branch profitability and complete bank-wide performance program. It looks at all aspects of profitability, including hands-on approaches to: profitability philosophies and structures; balance sheet, revenue and expense components: transfer pricing of funds; planning and budgeting; performance measurements.
Customer Reviews:
Excellent, both on banking and project management aspects.......1998-12-03
This is the only book that covers all of the aspects of performance management in banking : 1. the analysis of performance measurement is very good even though, the coverage of financial data is overweight with respect to the rest of the book 2. the project approach is excellent and the various "pitfalls" described are so true that the people that wrote it necessarily had a good project experience, only problem is that the system architectures described did not evolve with the new edition (the word "data warehouse" is evoked once or twice) 3. As usual with this type of books, the "using the information" chapters are a bit a dry, even thought some interesting ideas are described regarding "customer information" In summary, a must read for any person trying to implement a performance indicators or Balanced Scorecard systm in its bank ("financial institutions" in the title is actually retail or commercial banking) PS : I am not an E & Y employee ... so this is not an advertising review
Book Description
Published in association with the Global Association of Risk Professionals
As e-commerce and globalization continue to expand, so does the level of operational risk, increasing the need for guidance on how to measure and manage it. This is the definitive guide to managing operational risk in financial institutions. Written in a concise, no-nonsense style, and containing numerous real-life case studies, it covers all the bases from the basics of what operational risk is to how to design and implement sophisticated operational risk management systems. Readers will appreciate the up-to-the-minute coverage of the latest techniques and practices to manage operational risk. They will learn how to enhance their positions in the face of anticipated new regulatory standards and capital requirements.
Douglas G. Hoffman (Fairfield, CT) is an independent consultant in operational risk management. His firm, Operational Risk Advisors, provides executive training and assists financial institutions and corporate clients worldwide in operational risk analysis and mitigation.
Customer Reviews:
Highly Recommended!.......2004-06-07
Timely and dense, this comprehensive treatment of risk assessment and management maps the minefield of business and financial risks. Although professional-level information on banking and financial risk management cannot avoid a certain intensely mathematical character, this volume also pays careful attention to the "softer" side, and stresses the importance of cultural and attitudinal factors. It is a very well-balanced presentation of the subject. However, this very valuable information is written in a turgid, repetitive, convoluted and confusing style that makes it a chore to read. This risk could have been managed by a ruthless editor able to cut half of the undergrowth to clear a path to the meaning. Are advice to bankers and risk managers: brew some strong coffee and slog through the text. The content is too important to ignore.
Useless.......2003-09-09
I found this book to be very theoretical and not practical at all. Save your money!
Too much and not enough!.......2003-08-06
This book is good for those who already know what OpRisk is all about, or at least are familiar with banking terms and financial measurement systems. If you are new to the game, you are likely to become very frustrated.
Mr Hoffman throws a multitude of operational risk "building blocks" on the floor in the opening chapter, tells us that we will use them to build a "house", picks them up one-by-one and explains them - sometimes well, sometimes poorly. If you already have the big picture, i.e. you know what the finished "house" is supposed to look like, you will be able to follow - most of the time (see below). If you know little or nothing about OpRisk, I am fully convinced that the book would be easier to understand backwards - i.e. the chapters are read in reverse order (no joke).
There are also several points in the book which had me scratching my head at the consistency of it all! To pick just one example, on page 186 there is a list of what Mr Hoffman calls "Top Down" and "Bottom Up" risk assessment methodologies. In this list, "Delphi Scenarios" is listed as one of the TOP DOWN methods. Two pages later, under the heading "BOTTOM-UP RISK ASSESSMENT METHODS", Delphi Scenarios are discussed/mentioned!!! What is it really - a Top Down or Bottom Up method??
There are several other examples throughout the book likely to cause more than a little confusion to the attentive beginner.
Informative Read.......2002-03-12
Douglas Hoffman's extensive experience in the field of operational risk shines through in this book as he takes operational risk out of the classroom and applies it to real world examples. This is an insightful read for any operational risk professional.
Good Introduction.......2002-03-10
I am new to the field of operational risk and this book provided a good introduction. It is readable and practical. I especially found the discussion of Banker's Trust's operational risk department and methodology fascinating. This book is actually readable unlike so many others in the field.
Book Description
The first full analysis of the latest advances in managing credit risk.
"Against a backdrop of radical industry evolution, the authors of Managing Credit Risk: The Next Great Financial Challenge provide a concise and practical overview of these dramatic market and technical developments in a book which is destined to become a standard reference in the field." -Thomas C. Wilson, Partner, McKinsey & Company, Inc.
"Managing Credit Risk is an outstanding intellectual achievement. The authors have provided investors a comprehensive view of the state of credit analysis at the end of the millennium." -Martin S. Fridson, Financial Analysts Journal.
"This book provides a comprehensive review of credit risk management that should be compulsory reading for not only those who are responsible for such risk but also for financial analysts and investors. An important addition to a significant but neglected subject." -B.J. Ranson, Senior Vice-President, Portfolio Management, Bank of Montreal.
The phenomenal growth of the credit markets has spawned a powerful array of new instruments for managing credit risk, but until now there has been no single source of information and commentary on them. In Managing Credit Risk, three highly regarded professionals in the field have-for the first time-gathered state-of-the-art information on the tools, techniques, and vehicles available today for managing credit risk. Throughout the book they emphasize the actual practice of managing credit risk, and draw on the experience of leading experts who have successfully implemented credit risk solutions.
Starting with a lucid analysis of recent sweeping changes in the U.S. and global financial markets, this comprehensive resource documents the credit explosion and its remarkable opportunities-as well as its potentially devastating dangers. Analyzing the problems that have occurred during its growth period-S&L failures, business failures, bond and loan defaults, derivatives debacles-and the solutions that have enabled the credit market to continue expanding, Managing Credit Risk examines the major players and institutional settings for credit risk, including banks, insurance companies, pension funds, exchanges, clearinghouses, and rating agencies. By carefully delineating the different perspectives of each of these groups with respect to credit risk, this unique resource offers a comprehensive guide to the rapidly changing marketplace for credit products.
Managing Credit Risk describes all the major credit risk management tools with regard to their strengths and weaknesses, their fitness to specific financial situations, and their effectiveness. The instruments covered in each of these detailed sections include: credit risk models based on accounting data and market values; models based on stock price; consumer finance models; models for small business; models for real estate, emerging market corporations, and financial institutions; country risk models; and more. There is an important analysis of default results on corporate bonds and loans, and credit rating migration. In all cases, the authors emphasize that success will go to those firms that employ the right tools and create the right kind of risk culture within their organizations. A strong concluding chapter integrates emerging trends in the financial markets with the new methods in the context of the overall credit environment.
Concise, authoritative, and lucidly written, Managing Credit Risk is essential reading for bankers, regulators, and financial market professionals who face the great new challenges-and promising rewards-of credit risk management.
Customer Reviews:
Executive Summary on Managing Credit Risk.......2003-08-21
This book is good overview on current status of the credit risk management. I recommend it to those who need to get quick overview on what it takes. It compares classic credit analysis with new approaches, explains the credit culture etc. However this can not be used as a single source of information. You will need additional books. Do not expect to get mathematical formulas in this book. There is only very few of them, which is benefitial here, because the book is easy to understand. What you will get is a vision on how the credit risk should be managed. If you seek specific advices on how to manage credit risk than there are better books like Managing Bank Risk: An Introduction to Broad-Base Credit Engineering from Morton Glanz.
Too good to be true?.......2003-08-04
While the recent comment "Comprehensive Resource on Credit Risk Management" is very good in many ways, I wish it explains more in the low yielding instruments, like the wit it shows in the treatment of high yield.
Innovative approach to Managing credit risks.......2002-02-18
This book popularises the new portfolio management approach to managing loan portfolios.The attempt is to mark the value of loans to market. This assumes a vibrant market for securitised loans , strips etc.It is a very good introductory book an the subject which is now evolving.It should be read by regulators and those who have supervisory roles.It is easy reading not much encumbered by obscure mathematical equations
This is good value for money and should be on every credit administrator's bookshelf
A Foot in the Door.......2001-07-07
The authors make for a particularly impressive team of credit risk experts and Professor Altman in particular is a global authority on the subject. The book does not disappoint, and provides a first-rate overview of the field as it is currently emerging. Of particular interest to this reviewer were the chapters on the new credit risk models such as CreditMetrics, KMV and their brethren. There are also some informative chapters on default and recovery analysis and credit migration. However, like so many financial books on the market these days, there is little guidance on the practical implementation of the various approaches described in the text. Overall, "Managing Credit Risk" is a very useful work but for this kind of money I would have expected more than just a foot in the door!
Managing Credit Risk is a fabulous book........1999-11-15
Managing Credit Risk is an outstanding work of scholarship and a truly fabulous book. As a working credit analyst in the field the authors characterize as "classic credit analysis," I felt the need to become conversant with the various quantitative approaches to managing credit risk, (especially since the ultimate goal of the quantitative modelers is to put me out of work). The book served my needs precisely, by introducing all of the relevant models in a concise format with easy-to-understand commentary on the strengths and weaknesses of the models. The clear, qualitative, conceptual explanations are supported by quantitative examples sufficient to satisfy most numerically minded readers, but even those who shy away from numbers will find the quantitative examples easy to follow. The book has served me very well by enabling me to discuss the assessment and deployment of quantitative models on an even footing with professional risk managers and the rocket scientists who are engaged in developing these models. Although finance professionals obviously will find the book of great value, I also believe that readers who enjoyed Peter Bernstein's Against the Gods will find that Managing Credit Risk provides a concrete account of the current state of humanity's struggle to understand and control risk.
Book Description
This dynamic text allows learners to analyze and apply theory to managing performance for financial institutions. It is up-to-date, including new types of financial institutions and the evolving nature of the financial services industry. Not only does this text include risk management of financial institutions, it includes managing and analyzing different types of financial institutions. Additionally, this text provides the necessary institutional detail that learners need to know to be successful in the management of financial services firms. Numerous applied cases are included so learners can better understand how the concepts are applied. Targeted at the MBA corporate finance course, this book can also be used for both a banking course and financial institution management course.
Average customer rating:
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Managing Operational Risk in Financial Markets
Amanat Hussain
Manufacturer: Butterworth-Heinemann
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Book Description
Risk Management is one of the biggest issues facing the financial markets today. 'Managing Operational Risk in Financial Markets' outlines the major issues for risk management and focuses on operational risk as a key activity in managing risk on an enterprise-wide basis.
While risk management had always been an integral part of financial activity, the 1990s has seen the requirement for risk management establish itself as a key function within banks and other financial institutions. With greater emphasis on ensuring that money is not lost through adverse market conditions, counterparty failure or inappropriate controls, systems or people, risk management has become a discipline in its own right. Managing risk is now THE paramount topic within the financial sector. Recurring major losses through the 1990s has shocked financial institutions into placing much greater emphasis on risk management and controls. The collapse of Barings and losses made by Metallgescellschaft, Orange County, Diawa and Sumitomo as a result of a lack of procedures, systems or managerial control has demonstrated to organisations the need to broaden the scope of their risk management activity from merely looking at market and credit risk. This has brought into focus the need for managing operational risk. Operational risk can only be managed on an enterprise wide basis as it includes the entire process of policies, culture, procedures, expertise and systems that an institution needs in order to manage all the risks resulting from its financial transactions. In fact, in order to effectively manage market and credit risks it is necessary to have the relevant skills and expertise in the staff, technical and organisational infrastructure, as well as monitoring and control systems. As all of these are components of operational risk, it then becomes apparent that an integrated risk management approach needs to focus on operational risk.
Provides a comprehensive framework for the management of operational risk
Defines the spectrum of risks faced by organisations and how they can effectively manage these
Develops an enterprise-wide risk information system and defines the major challenges that need to be addressed in developing such a system
Book Description
Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact
of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in
their activity and significance. He challenges the widespread presumption that any such new market would be infeasible, by offering solutions to technical problems of measurement and settlement. There are proposals for implementing markets in perpetual claims and a substantial section on the
construction of index numbers for use in settlement in the new markets.
Book Description
A comprehensive and innovative look at how to protect financial institutions from operational risks
Operational risk is the risk associated with human error, systems failures, and inadequate controls and procedures in information systems or internal controls that will result in an unexpected loss. According to a recent survey, about seventy percent of banks consider operational risk as important as market or credit risks. Nearly a quarter of the same banks admit to operation-related losses of more than $1.6 million-many cases are so embarrassing that banks will not actually admit any error on their part. Firms are just beginning to develop their own operational risk management systems and they need guidance on how to do it. This book will help them identify, measure, and manage their operational risks.
Christopher Marshall (Singapore) is Associate Director of the Center for Financial Engineering at the National University of Singapore. He has written numerous articles in Risk magazine and Harvard Business School cases.
Customer Reviews:
Academic with no practical application.......2005-10-04
This book is written by someone who probably has struggled to make it in the 'real' world.
Too much for nothing.......2001-03-27
The book lists a series of financial theories without bringing any clear connection to operational risk. The tools and techniques presented can be seen in any other finance book. No examples are presented in general, making questionable the author's experience in the "measurement of operational risk" as stated in the title. This book will not raise your knowledge in the field.
Vincent , Internal Auditor.......2001-02-27
The author has board knowledge in different areas, However, the book is too theoretical and lack of examples to discuss the practical application. It may be a book which may give you good background in the operational risks but could not give you a practical examples to use in practice.
Average customer rating:
- Dated and with plenty of mistakes
- Very much better than some people might think!
- Covers a lot of grounds on derivatives. Great reference.
- Caveat Emptor
- Financial Book, not for begineer
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Managing Financial Risk: A Guide to Derivative Products, Financial Engineering, and Value Maximization
Charles W. Smithson
Manufacturer: McGraw-Hill
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ASIN: 007059354X |
Book Description
Managing Financial Risk is the most authoritative and comprehensive primer ever published for financial professionals who must understand and successfully use derivaties. The previous edition of this professional financial classic sold over 18,000 copies and emerged as a leading training tool in the derivatives industry. The book covers derivative products from the most basic to the most complex and explains how derivatives are used by each major player in the market: dealers, financial firms, and corporations. In addition, the book includes short contributions from a variety of experts from leading companies such as Citibank, J.P. Morgan, British Petroleum, and Ciba-Geigy. Completely updated to include new material on new products such as commodity swaps and credit swaps, this edition will cover every aspect of the derivatives marketplace with insight and authority.
Customer Reviews:
Dated and with plenty of mistakes.......2006-03-01
I had to buy this book as it was the text book for one of the subjects that I am studying.
Dated: e.g. Many examples that deal with European currencies that were replaced by the Euro.
Errors: In the illustrations, there are some calculations that take incorrect parameters to derive the results (obviously yielding wrong results). This is misleading and time consuming.
Verbosity: The book explains in twenty pages something that can be explained in five.
No good.
Very much better than some people might think!.......2005-11-30
For those of you who may not be aware, Charles Smithson is the "father" of the building-block approach to making derivatives understandable, showing a linked, family-tree approach, rather than each explaining each one separately with no clear connections. He is both a top practitioner with many years of senior-level experience, as well as an academic for more theoretical work.
I am amazed at some of the negative reviews. I can only think that is because there aren't enough partial differential equations and complex pricing/hedging models (there really aren't any, but that doesn't make this a simplistic book). I also teach finance at the Masters level, as well as teaching practical applications of derivatives to various bank clients.
In my oppinion, this is the single best book on derivatives for non-specialists that I have seen (and I have seen most of the derivatives books around). Even people on the trading floor would benefit from the clear forest-for-the-trees approach. This is not an easy book, though it doesn't require any more than school algebra (with the exeption of one chapter on option pricing, contributed by Cliff Smith and, even there, the calculus could be skipped over lightly). This book will give the reader a very good understanding of the most important aspects of derivatives and their applications. This is something that is often woefully lacking in banks, where the focus is on the minutiae of quantitative models, treated almost as an exercise in math, without a very clear understanding of the finance that the math is there to model. The treatment is broad and balanced, from pure product knowledge to issuer applications to investor applications and to banks managing their own market risk. This breadth is very rare in derivatives books.
My only criticisms are that there are some mistakes (as in most technical books that are not textbooks, benefiting from the review of many students, if you look hard enough for them) and there is insufficient emphasis now on credit derivatives and the management of credit risk, though I feel sure Charles Smithson will address that in the next edition - he has written a separate book "Credit Portfolio Management."
Perhaps someone should take up the offer of a free copy from a previous reviewer - a real "free lunch." I highly recommend this book to relative beginners, as well as to experienced practitioners who want more breadth.
Covers a lot of grounds on derivatives. Great reference........2003-05-29
I bought this book to give myself a thorough education on derivatives. And, I got it. It is very readable, yet it covers all the topics in adequate technical detail, so you can hold your own in the company of derivatives traders and the like. I often refer to this book, to refresh my memory on the different structure of option models, or how to value an interest rate swap. This is the sort of stuff you will not remember unless you use these concepts on a weekly basis. But, with this book, it does not matter, it is easy to refresh your knowledge.
Caveat Emptor.......2001-10-04
I also use this book as part of the Masters course in Sydney and I cannot remember the last time I picked it up to read as I have better things to do with my time than try and work through the glaring errors in formulae, graphs and general commentary. The presentation is verbose and circumlocutory and to add to the frustration often wrong. I feel obliged to warn potential buyers not to make the same mistake that I have. Gallitz on Financial Engineering is a far more interesting and accurate text and for the rigours of applied financial maths Mastering financial calculations teaches you more in 200 pages than Smithson could in a lifetime of trying to improve on this first edition. If anyone would like my copy of Smithson I'm happy to give it away for fear further sales may encourage McGraw Hill to continue publishing the book.
Financial Book, not for begineer.......2000-09-16
The book is written in a complex way. For example, a simple future contract, was explained in long and complex way. It is not able to show the point directly. Anyway, it is not a bad point. It has some quite excellent practical example. It is the most valuable parts of the book.
Average customer rating:
- By academics for introductory and academic short-course
- Gardner et.al. review
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Managing Financial Institutions: An Asset/Liability Approach (The Dryden Press Series in Finance)
Mona J. Gardner
Manufacturer: South-Western College Pub
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ASIN: 0030220548 |
Book Description
The fourth edition of Managing Financial Institutions: An Asset/Liability Approach provides comprehensive coverage of asset and liability management techniques for depository institutions, finance companies, insurance companies, pension funds, mutual funds, securities firms, and diversified financial services firms, all of which operate in an increasingly competitive environment. The text is suitable for use in courses on financial institutions and commercial bank management.
Customer Reviews:
By academics for introductory and academic short-course.......2006-02-05
With one review, it's easy to get 5 stars. While I don't write too many reviews, I did read this book and felt the average needed to be reflected, not the skew.
This is a remedial book written by academics with very little practical industry knowledge. Reading through the list of "acknowledgements" will give you the idea. Nothing but professors at colleges and universities. Now, there is nothing wrong with a strong academic influence, but when you define Asset Liability Management as (p. 31) "...the management of the net interest margin to ensure its level and riskiness are compatible with the risk/return objectives of the institution" you realize these authors don't have a clue. Really? That's ALM. Managing the NIM? What about duration profile, economic value, VaR, securitization programs, pricing, liquidity profile, ALCO process, forecasted balances, maturity strategies on retail and wholesale funding, risk position, regulatory requirements (read FRB SR 96-13), FAS 133, swap book, vega risk, negative convexity profile, etc. To think it is only about the NIM is juvenille, but very appropriately academic. Moreover, they define the NIM as = Interest income less expense/total assets. No. That isn't correct. So if the objective of ALM is to manage the NIM and you can't get the definition correct, this is probably a problem. The correct view of the NIM is interest income less expense/earning assets or, more ideally, average earning assets. Go read the FFIEC's definition in the Uniform Bank Performance Report (www.ffiec.gov).
Having made these points, I think the book has merit for, again, a very simplistic intro course. One hopes that in any future editions the authors seek to get professional advice before taking to press. They have some good background research and the book could be made really good; however, they need to infuse it with practical details and vision. As is, it is a stale, incomplete and common book. If you want better insights, just read Wilmott, Bessis, Fabozzi, and Hull.
Gardner et.al. review.......2000-08-12
I have not read this edition but I have several earlier editions and will soon have this one. Their books are always state of the art and a must read for institutional risk managers. The text provides numerous comprehensible detailed examples of managing risk at modern financial institutions. Market coverage is also excellent. This one is for anyone who actually has to manage risk. It is not however an intro book for the novice who is looking only for general information.
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