The Professional Risk Managers' Handbook:A Comprehensive Guide to Current Theory and Best Practices (3 Volume Set)




Author: Carol Alexander, Elizabeth Sheedy
Type: eBook
Date Released: 2005
Format: pdf
Language: English
Page Count: 1360
Isbn10 Code: 0976609703
Isbn13 Code: 9780976609704


From the Publisher If you're reading this, you are seeking to attain a higher standard. Congratulations! Those who have been a part of financial risk management for the past twenty years, have seen it change from an on-the-fly profession, with improvisation as a rule, to one with substantially higher standards, many of which are now documented and expected to be followed. It’s no longer enough to say you know. Now, you and your team need to prove it. As its title implies, this book is the Handbook for the Professional Risk Manager. It is for those professionals who seek to demonstrate their skills through certification as a Professional Risk Manager (PRM) in the field of financial risk management. And it is for those looking simply to develop their skills through an excellent reference source. With contributions from nearly 40 leading authors, the Handbook is designed to provide you with the materials needed to gain the knowledge and understanding of the building blocks of professional financial risk management. Financial risk management is not about avoiding risk. Rather, it is about understanding and communicating risk, so that risk can be taken more confidently and in a better way. Whether your specialism is in insurance, banking, energy, asset management, weather, or one of myriad other industries, this Handbook is your guide. We encourage you to work through it sequentially. In Section I, we introduce the foundations of finance theory, the financial instruments that provide tools for the mitigation or transfer of risk, and the financial markets in which instruments are traded and capital is raised. In Section II, we take you through the mathematical foundations of risk assessment. While there are many nuances to the practice of risk management that go beyond the quantitative, it is essential today for every risk manager to be able to assess risks. The chapters in this section are accessible to all PRM members, including those without any quantitative skills. The online Excel spreadsheets that accompany the examples are an invaluable aid to understanding the mathematical and statistical concepts that form the basis of risk assessment. In Section III, the current and best practices of Market, Credit and Operational risk management are described. This is where we take the foundations of Sections I and II and apply them to our profession in very specific ways. Here the strategic application of risk management to capital allocation and risk-adjusted performance measurement takes hold. At the end of your progression through these materials, you will find that you have broadened your knowledge and skills in ways that you might not have imagined. You will have challenged yourself as well. And, you will be a better risk manager. It is for this reason that we have created the Professional Risk Managers’ Handbook. Our deepest appreciation is extended to Prof. Carol Alexander and Prof. Elizabeth Sheedy, both of PRMIA’s Academic Advisory Council, for their editorial work on this document. The commitment they have shown to ensuring the highest level of quality and relevance is beyond description. Our thanks also go to Laura Bianco who tirelessly kept the work process moving forward and who has dedicated herself to demanding the finest quality output. We also thank Richard Leigh, our London-based copyeditor, for his skilful and timely work. Finally, we express our thanks to the authors who have shared their insights with us. The demands for sharing of their expertise are frequent. Yet, they have each taken special time for this project and have dedicated themselves to making the Handbook and you a success. We are very proud to bring you such a fine assembly. Much like PRMIA, the Handbook is a place where the best ideas of the risk profession meet. We hope that you will take these ideas, put them into practice and certify your knowledge by attaining the PRM designation. Among our membership are several hundred Chief Risk Officers / Heads of Risk tens of thousands of other risk professionals who will note your achievements. They too know the importance of setting high standards and the trust that capital providers and stakeholders have put in them. Now they put their trust in you and you can prove your commitment and distinction to them. David R. Koenig, Executive Director, Chair, Board of Directors, the Professional Risk Managers' International Association (PRMIA) About the Author Carol Alexander is Professor of Risk Management and Director of Research at the ISMA Centre, UK and Chair of the Academic Advisory Council of PRMIA. She is well known for her interest in bridging the academic-practitioner divide, bringing relevant research in quantitative finance to a broad practitioner audience. She is the editor and author of 14 books on mathematics and finance, including: 'Market Models' (Wileys, 2001) and 'Operational Risk: Regulation, Analysis and Management' (FT-Prentice Hall, 2003). Carol is well known for her research on cointegration strategies for fund management and for her innovative approach to volatility analysis, recently specializing in normal mixture models. The main focus of her current research is the unified theory of volatility in discrete and continuous time. She also consults on the design and development of commercial software for hedge funds, operational risk, high frequency pricing and so forth. Elizabeth Sheedy is an Associate Professor at the Macquarie Applied Finance Centre in Sydney, home of the popular Master of Applied Finance degree program. She teaches courses in “Financial Risk Management” and “Modelling Financial Risk” and conducts research in these areas. Her research has included the use of GARCH models for measuring risk in the funds management industry. She is also on PRMIA's Academic Advisory Committee. Prior to joining the university in 1993, Elizabeth worked in the finance industry for institutions including Macquarie Bank and Westpac. Her past experience in structuring derivative products, funds management and corporate risk management has guided her research and teaching interests. She chose to be involved in the PRMIA Handbook because she is passionate about the importance of clearly explaining the complex concepts of financial risk management to practitioner audiences.

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