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Risk Management & Insurance
Frontiers of Risk Management: Key Issues and Solutions

Frontiers of Risk Management: Key Issues and Solutions

ISBN: 978 1 84374 272 2

No. of Pages: 300

Author: Dennis Cox (editor) and Saketh Kaveripatnam (associate editor)

Publisher: Euromoney Books

Looking at the entire spectrum of financial services risk management, this practical guide identifies the key current issues and the solutions adopted by firms.

Publication Date: March 2007

Price: £175  


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This publication identifies risk management issues that are likely to emerge in the future and the solutions that will be developed to meet these needs.  This comprehensive text covers credit, market, operational, liquidity, outsourcing and insurance risks. Essential reading for all risk managers, board members, financial service suppliers, and a useful reference tool for bankers.

This comprehensive title will guide you through:

- Treasury and ALM risk
- Risks within the hedge funds industry
- Risk management and structured products
- Regulation and credit risk
- Challenges facing the credit derivatives market
- Use of credit rating agencies and the IRB approach
- Operational risk management
- Operational loss data issues
- Stress testing
- Money laundering deterrence
- Developments within IT and online banking
- Impact of outsourcing
- Insurance risk
- Pensions liability risk

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Table of Contents


PART I: TOTAL RISK MANAGEMENT

1 The cultural frontiers of total risk management
Dennis Cox, Risk Reward Ltd

2 Strategic risk: bringing the discussion into the boardroom
Craig Cohon, The Next Practice

3 Risk management within corporate finance
Frank Moxon, Williams de Broe

4 The risk management of asset management
Dennis Cox, Risk Reward Ltd

PART II: MARKET RISK

5 Asset liability in a major bank
Asif Ahmed, Director, Citigroup

6 Treasury and asset & liability management risk
Thomas Day, Sungard

7 The risks within the hedge funds industry
 Diccon Smeeton, ABN Amro

8 Risk management and structured products
Errol Danziger, Danziger Structured Finance

9 The simple art of Monte Carlo
Aaron Brown, Morgan Stanley

10 Correlation causes questions: environmental consistency confidence in wholesale financial institutions
Michael Mainelli, Z/Yen

PART III: CREDIT RISK

11 Regulation & credit risk
Rod Hardcastle, W&IB Risk, Lloyds TSB plc

12 Citigroup’s Basel-ready tool: the Credit Risk Model
Jennifer Courant, Managing Director, Citigroup Center

13 Overcoming the challenges in the credit derivatives market
Pontus Eriksson, Sungard FRONT ARENA

14 The use of credit rating agencies and their impact on the IRB approach
Markus Krebsz, formerly Fitch Ratings


PART IV: OPERATIONAL RISK

15 Frontiers of operational risk management
Ralph Nash, Director of Group Operational Risk, Axa
Ioanna Panayiotidou , AXA UK

16 The issues relating to operational loss data - internal and external
David Breden, Director, HSBC

17 Stress testing
Stuart Burns, Standard Chartered Bank

18 Money laundering deterrence: the challenge of applying a risk-based approach
David Blackmore, MHA

19 The risk management of outsourcing
Nina Sodha


PART V: OTHER RISK


20 Developments within IT and online banking
Dilip Krishna, Teradata

21 Risk management and financial control
Angela Caldara, formerly Unicredito

22 The financial impact of outsourcing
Roger Bach, HY Investment (UK) Ltd

23 Insurance risk
Anthony Smith & Dennis Cox

24 Developments in pensions liability risk
Paul Sweeting, Fidelity Investments International

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Foreword

Ian Mason
       
      The importance of proper risk management, and the consequences of failure to have it in place, have never been greater. Where failure occurs, not just firms but also individuals may face consequences. The FSA’s Director of Enforcement, Margaret Cole, said in 2006 that “Failure to manage risks properly is now, more than ever, likely to result in disciplinary action being brought against individuals as well as firms”. The FSA has power to censure publicly, fine and even ban individuals from working in the financial services, where there are serious contraventions of the FSA rules.
      
      The Frontiers of Risk Management therefore meets an important need and is well timed. The book is comprehensive in its scope, seeking to cover the entire range of financial services risk management. But that is surely appropriate when firms face so many increasing kinds of risk, not least geopolitical risks and the consequences of climate change. Many of the chapters are extremely topical in terms of current regulatory concern, for example senior management responsibility (see Chapter 2 - Strategic Risk: bringing the discussion into the boardroom), hedge funds (see Chapter 7 - The risks within the hedge-fund industry) and stress testing (see Chapter 17 - Stress testing and risk management) are all areas which the FSA has focused on recently.
      
      As the FSA moves towards an increasingly principles-based approach, there will be a greater expectation on firms to work out for themselves how to satisfy their regulatory obligations, and they will have less certainty that they are doing so. Good risk management can help to reduce the uncertainty, and provide a road map for senior management on the key areas that require greater attention. (as well as helpful documentary evidence and an audit trail for the regulator). Firms that do this well will enjoy a regulatory dividend - less attention and scrutiny from the FSA. Those that have poor risk management will endure more intrusive regulatory examination. However, as Tom Fitzgerald points out in his chapter (Chapter 1 - the cultural frontiers of total risk management), risk management is not just about satisfying minimum regulatory compliance, but is also at the heart of more effective and efficient business management.
      
      Sometimes risk managers are viewed (perhaps not always unfairly) as a specialist breed, inhabiting the dark spaces between compliance and internal audit. This book demonstrates why risk management should be viewed as a core discipline, at the centre of an organisation. It deserves to be read by a broad audience.
      
      
      [Biography: Ian Mason is a Partner in the Financial Services Regulatory Team of Barlow Lyde & Gilbert. He worked for 6 years at the FSA, and was previously Head of Department, Enforcement Division, FSA]

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Related Titles

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Digital Products 


Full Book:
  Frontiers of Risk Management: Key Issues and Solutions - full ebook
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  Frontiers of Risk Management: Key Issues and Solutions - ebook prelims
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 1
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 11
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 15
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 16
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 18
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  Frontiers of Risk Management: Key Issues and Solutions - ebook Chapter 23
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