Risk Management: Foundations For a Changing Financial World

  • 18h 50m
  • Walter V. Haslett Jr.
  • John Wiley & Sons (US)
  • 2010

Key readings in risk management from CFA Institute, the preeminent organization representing financial analysts

Risk management may have been the single most important topic in finance over the past two decades. To appreciate its complexity, one must understand the art as well as the science behind it. Risk Management: Foundations for a Changing Financial World provides investment professionals with a solid framework for understanding the theory, philosophy, and development of the practice of risk management by

  • Outlining the evolution of risk management and how the discipline has adapted to address the future of managing risk
  • Covering the full range of risk management issues, including firm, portfolio, and credit risk management
  • Examining the various aspects of measuring risk and the practical aspects of managing risk
  • Including key writings from leading risk management practitioners and academics, such as Andrew Lo, Robert Merton, John Bogle, and Richard Bookstaber

For financial analysts, money managers, and others in the finance industry, this book offers an in-depth understanding of the critical topics and issues in risk management that are most important to today’s investment professionals.

About the Author

Walter V. "Bud" Haslett Jr., CFA, is Head, Risk Management, Derivatives, and Alternative Investments for CFA Institute. Mr. Haslett has served CFA Institute as an exam grader and member of the Council of Examiners as well as an ad hoc reviewer for the Financial Analysts Journal and abstractor for the CFA Digest. He is past president of the CFA Society of Philadelphia and former board member of the New York Society of Security Analysts. He holds a Master of Liberal Arts from the University of Pennsylvania and an MBA from Drexel University. Prior to joining CFA Institute, Mr. Haslett was head of option analytics for Miller Tabak & Co., LLC, and spent much of his career managing risk on the option trading floors at the Philadelphia Stock Exchange.

In this Book

  • Foreword
  • Introduction
  • A Framework for Understanding Market Crisis
  • Practical Issues in Choosing and Applying Risk Management Tools
  • The Three P's of Total Risk Management
  • Reporting and Monitoring Risk Exposure
  • Risk Management—A Review
  • Defining Risk
  • Value and Risk—Beyond Betas
  • A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters
  • Managing Firm Risk
  • Risk Measurement versus Risk Management
  • What Volatility Tells Us about Diversification and Risk Management
  • Risk2—Measuring the Risk in Value at Risk
  • How Risk Management Can Benefit Portfolio Managers
  • Merging the Risk Management Objectives of the Client and Investment Manager
  • The Mismeasurement of Risk
  • Riskiness in Risk Measurement
  • The Second Moment
  • The Sense and Nonsense of Risk Budgeting
  • Understanding and Monitoring the Liquidity Crisis Cycle
  • Why Company-Specific Risk Changes over Time
  • Black Monday and Black Swans
  • The Uncorrelated Return Myth
  • Risk Management for Hedge Funds—Introduction and Overview
  • Risk Management for Alternative Investment Strategies
  • Sources of Change and Risk for Hedge Funds
  • Risk Management in a Fund of Funds
  • Hedge Funds—Risk and Return
  • Credit Risk
  • Tumbling Tower of Babel—Subprime Securitization and the Credit Crisis
  • Applying Modern Risk Management to Equity and Credit Analysis
  • The Uses and Risks of Derivatives
  • Effective Risk Management in the Investment Firm
  • Risk-Management Programs
  • Does Risk Management Add Value?
  • Risk Management and Fiduciary Duties
  • Financial Risk Management in Global Portfolios
  • Universal Hedging—Optimizing Currency Risk and Reward in International Equity Portfolios
  • Strategies for Hedging
  • Currency Risk Management in Emerging Markets
  • Managing Geopolitical Risks
  • Country Risk in Global Financial Management
  • Political Risk in the World Economies
  • A Behavioral Perspective on Risk Management
  • Behavioral Risk—Anecdotes and Disturbing Evidence
  • The Ten Commandments of Operational Due Diligence
  • Models
  • The Use and Misuse of Models in Investment Management
  • Regulating Financial Markets—Protecting Us from Ourselves and Others
  • Budgeting and Monitoring Pension Fund Risk
  • The Plan Sponsor's Perspective on Risk Management Programs
  • Evaluating a Risk-Management Program
  • Developing and Implementing a Risk-Budgeting System
  • Liability-Driven Investment Strategies for Pension Funds


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