Introduces a powerful new approach to financial risk modeling with proven strategies for its real-world applications The 2008 credit crisis did much to debunk the much touted powers of Value at Risk (VaR) as a risk metric. Unlike most authors on VaR who focus on what it can do, in this book the author looks at what it cannot. In clear, accessible prose, finance practitioners, Max Wong, describes the VaR measure and what it was meant to do, then explores its various failures in the real world of crisis risk management. More importantly, he lays out a revolutionary new method of measuring risks, Bubble Value at Risk, that is countercyclical and offers a well-tested buffer against market crashes. * Describes Bubble VaR, a more macro-prudential risk measure proven to avoid the limitations of VaR and by providing a more accurate risk exposure estimation over market cycles * Makes a strong case that analysts and risk managers need to unlearn our existing "science" of risk measurement and discover more robust approaches to calculating risk capital * Illustrates every key concept or formula with an abundance of practical, numerical examples, most of them provided in interactive Excel spreadsheets * Features numerous real-world applications, throughout, based on the author s firsthand experience as a veteran financial risk analyst

Conduct risk is at the core of behavioural regulation, a new approach to regulating financial services, whose new agencies and public prosecutors have spread rapidly across the world. Its prosecutors intervene assertively to challenge financial service providers to show clear evidence of a new customer-centric approach, which understands and responds to the hidden drivers of customer behaviour. They use their unprecedented powers to levy very large fines and even to imprison wrongdoers - often for not taking precautions rather than for any active wrongdoing. Conduct Risk Management is a tool for recognizing, acting on, and predicting conduct risk impacts in regulated business. Conduct Risk Management sees beyond econometric and other 'box-ticking' traditions of risk management. Whilst protecting senior managers, it helps all staff to make positive use of conduct risk to promote behaviour the regulator will accept as 'good', as good behaviour is good business. The new conduct regulations personally affect every manager in financial services, and their suppliers, with new regulations making senior managers liable to imprisonment for failures in organizational conduct. Conduct Risk Management sets out plainly what practitioners need to know to understand the regulator's intentions, to prove compliance, protect competitiveness and maintain licence to operate.

Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions. Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research. This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

Written to help data teams navigate the confusing world of data analysis for on-going school improvement, this book offers a framework that is rigorous yet easy to follow.

Die hier durchgefuhrte Querschnittsstudie evaluiert erstmalig, ob Schulen sich erfolgreich eigenstandig - wie bildungspolitisch gefordert -, in sogenannte "problemloesende" Organisationseinheiten transformieren koennen, um ihren Unterricht im Rahmen der Schulentwicklung kontinuierlich weiterzuentwickeln. Die Ergebnisse dieser Studie stellen hierbei vor allem die Nachhaltigkeit von Schulentwicklung in Frage, da weder die Lehrpersonen noch Schulleitungsmitglieder an den evaluierten Berufsfachschulen der Meinung waren, dass Schulentwicklung den Unterricht und die beruflichen Fahigkeiten der Einzellehrperson uberhaupt beeinflusst. Begrundet liegt dieses Ergebnis u.a. in der von den Schulen vorgenommenen Implementierungsstrategie. So wird das Lehrerkollegium allgemein zu wenig in Entscheidungsprozesse involviert und beispielsweise nur unzureichend uber den Zielerreichungsgrad und Massnahmen abgeschlossener Schulentwicklungsprojekte informiert.

This book offers a practical solution for every organization that needs to monitor the effectiveness of their risk management. Written by a practising chief risk officer, Risk Maturity Models enables you to build confidence in your organization's risk management process through a tailored risk maturity model that lends itself to benchmarking. This is a management tool that is easy to design, practical and powerful, which can baseline and self-improve the maturity capabilities needed to deliver ERM benefits over time. This book guides the reader through comparing and tailoring a wealth of existing models, methods and reference standards and codes (such as ISO 31000 and COSO ERM). Covering 60 risk-related maturity models in clear comparison format, it helps risk professionals to select the approach best suited to their circumstances, and even design their own model. Risk Maturity Models provides focused messages for the risk management function, the internal audit function, and the Board. Combining proven practice and insight with realistic practitioner scenarios, this is essential reading for every risk, project, audit and board professional who wants to move their organization up the risk maturity curve.

Dieses Buch entwickelt auf Basis internationaler Diskussionen im Bereich der schulischen Padagogik Standards fur den gymnasialen Geschichtsunterricht. Nach den PISA-Studien besteht weiterhin die Notwendigkeit einer fachlichen Weiterentwicklung und der Implementierung nachhaltiger Standards in Bildung und Kompetenzorientierung. Mit Hilfe aktueller padagogischer Theorien und der Auswertung gegenwartiger Trends der Schulforschung werden Konzepte, Kompetenzen und Standards fur das Fach Geschichte evaluiert. Dabei wertet der Autor zahlreiche nationale und internationale Beispiele empirischer Bildungsforschung aus, um eine enge Kombination von Theorie und Praxis in der Entwicklung von Bildungsstandards zu ermoeglichen.

In The Mind within the Brain, David Redish brings together cutting edge research in psychology, robotics, economics, neuroscience, and the new fields of neuroeconomics and computational psychiatry, to offer a unified theory of human decision-making. Most importantly, Redish shows how vulnerabilities, or "failure-modes," in the decision-making system can lead to serious dysfunctions, such as irrational behavior, addictions, problem gambling, and PTSD. Told with verve and humor in an easily readable style, Redish makes these difficult concepts understandable. Ranging widely from the surprising roles of emotion, habit, and narrative in decision-making, to the larger philosophical questions of how mind and brain are related, what makes us human, the nature of morality, free will, and the conundrum of robotics and consciousness, The Mind within the Brain offers fresh insight into one of the most complex aspects of human behavior.

In einem perspektivverschrankenden Ansatz untersuchen die Autorinnen und der Autor die polyvalenten Wirkungen von Bildungsurlaub. Ausserdem befassen sie sich mit den durch die Gesetzesanderung evozierten Steuerungseffekten auf der Ebene der Anbieter und Angebote. Es werden daruber hinaus die professionellen Handlungsmodi der Programmplanung untersucht und die Interessens- und Verwertungszusammenhange der Teilnehmenden. Hintergrund ist die Tatsache, dass es in Deutschland nur wenige gesetzliche Regelungen gibt, die ein Recht des Einzelnen auf Weiterbildung sichern. Ein besonderes Beispiel sind die Landesgesetze zum Bildungsurlaub (auch Bildungsfreistellungsgesetze). Das Bundesland Bremen hat sein Bildungsurlaubsgesetz im Jahre 2010 novelliert und versucht die Teilnahmequote zu erhoehen, indem es das Spektrum an Bildungsurlaubsanbietern und Veranstaltungsformaten ausdifferenziert und erweitert.