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Risk Management |
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1st edition
Author(s): Michel Crouhy, Robert Mark, Dan Galai
McGraw-Hill
Format: hardcover, 752 pages.
Pub date: October 30, 2000
$70.00
ISBN 0071357319
available
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Start here
A consolidation of the entire field of risk management, clarifying
some of the confusion that has permeated the marketplace due to global
competition and other factors. Covers all of the strategies necessary
to minimize risk. Also includes a foreword from Nobel Prize winner
Robert C. Merton. DLC: Risk management.
Book Description
Last year's headline-grabbing stories of the notorious bailout of
Long-Term Capital Management and the 1.4 billion credit loss for BankAmerica
opened the eyes of the investment world.
These turbulent times have meant increased awareness of risk management
and have lead to late breaking developments in new research, techniques,
and theories in the field. Given the high stakes in today's business
world with financial dealings in the billions (e.g., derivatives),
it's easy to see why risk management has become the key buzzword on
Wall Street.
While Jorion focuses strictly on market risk, today's financial professionals
are also evaluating credit risk and operational risk. Managing Risk
provides a comprehensive description and analysis of modern risk management,
including the regulatory aspects, organizational issues, potential
problem areas, and tools to control and manage the many different
kinds of risks:
market risk, credit risk, and operational risk. It also discusses:
structuring and managing the risk management function in a firm; practical
measurement issues in the field; risk management in both financial
and non-financial institutions.
From the Back Cover
The All-in-One Banker's and Financial Manager's Guide for Implementingaeand
Usingaean Effective Risk Management Program In today's world of multibillion-dollar
credit losses and bailouts, it has become increasingly imperative
for corporate and banking leaders to monitor and manage riskaeon all
fronts. Risk Management introduces and explores the latest financial
and hedging techniques in use around the world, and provides the foundation
for creating an integrated, consistent, and effective risk management
strategy.
The tested and comprehensive analyses and insights in Risk Management
give bankers and financial managers all the necessary information
for:
* Risk Management Overview--From the history of risk management to
the new regulatory and trading environment, a look at risk management
past and present
* Risk Management Program Design--Techniques to organize the risk
management function, and design a system to cover your organization's
many risk exposures * Risk Management Implementation--
How to use the myriad systems and productsaevalue at risk (VaR), stress-testing,
derivatives, and more for measuring and hedging risk in today's marketplace
In the financial world, the need for a dedicated risk management framework
is a relatively recent phenomenon.
But as the Long-Term Capital Management and BankAmerica crises attest,
lack of up-to-date knowledge concerning its many components can be
devastating. For financial managers in both the banking and business
environments, Risk Management will introduce and illustrate the many
aspects of modern risk managementaeand strengthen every financial
risk management program.
Exploding global competition, increasing regulations, and the ever-changing
product mix of innovative, intricate derivative and securitization
products have pushed risk management to the forefront of today's financial
landscape.
Corporate and banking executives trying to make sense of this environment
often find themselves wasting valuable time searching for detailsaeand
actually creating risk through innocent misinterpretations or misguided
hedging strategies. Risk Management consolidates the entire field
of corporate risk administrationaefrom data and technological infrastructure
to investment and hedging strategies that include innovative derivatives
credit risk securitization techniquesaeinto one all-inclusive, easily
accessible reference.
Michel Crouhy, Dan Galai, and Robert Markaeseasoned finance professionals
with an unmatched breadth of experience covering banking, corporate,
and academic risk management applicationsaewalk you through risk management
with the focus on concrete, results-oriented tips and analysis. The
result is, quite frankly, the only reference you'll need for a quick,
thorough understanding of today's complex financial risk management
challenges. Look to the expert analysis and proven suggestions in
Risk Management for a no-nonsense overview of:
* Integrated Risk Management--How to understand and develop the necessary
tools for measuring and managing all of your firm's risk in terms
of a common unit
* Regulatory Environment--Group of 30 (G-30) policy recommendations,
BIS 1998 models, and the standardized approach proposed by the Basle
Committee
* Market Risk--New rules set by the SEC for traded companies to disclose
their risk management policies and quantify their exposure to market
risk
* Practical Measurement Issues--Utilizing historical, implied, and
stochastic models to measure volatility, plus helpful summaries of
measuring correlations and the yield curve
* Future Considerations--Expected conditions and effects of the BIS
2000+ Accord, with review of the G-12 recommendations to improve counterparty
risk management practices Never before have the fields of banking
and corporate financial risk management been as complicatedaeand the
stakes as unyielding. Whether used as an essential resource for institutional
financial risk management, a comprehensive text for courses concentrating
on bank risk management, or simply as an unprecedented reference covering
every important aspect of the discipline, Risk Management will bring
you up-to-date on an area that promises to increase in importance
as we enter the uncharted waters of the 21st century.
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Pre Review
We found the structure of the book in line with the quality it should
have.
Printing mistakes were not found.
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| Rating Areas |
Rating |
| Quality of Information |
A- |
| Easiness of understanding |
AB |
| Learning success, close to reality |
AB |
| Cover Design and Layout |
B |
| Quality for Money value |
AB |
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Final Review
It ability to touch most the bases of risk management - it does well
on that score. It doesn't cover all the bases well, however.
It's drawn from the wealth of experience of the authors, who are well
known in both the academic world and on Wall St.
Risk managemnt is a topic you can far along a road covering areas
such as defaults, assek backed securities, loans, leasing and many
other topics. Like analysing data with the s-plus system from insightful
Inc.
But this is not the main topic. The topic we are looking at is risk
management - a topic well covered by this heavy book.
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Result |
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Current products and their risks are not explained. There are virtually
no practical examples of the strengths and weaknesses of various approaches,
and that is a significant flaw for a risk book, albeit it is true
of most of them.
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Review done by: Christian Bartsch |
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