Sound risk management often involves a combination of both
mathematical and practical aspects. Taking this into account,
Understanding Risk: The Theory and Practice of Financial Risk
Management explains how to understand financial risk and how the
severity and frequency of losses can be controlled. It combines a
quantitative approach with a more informal style, giving readers a
blend of analysis and intuition.
Divided into four parts, the book begins by introducing the
basics of risk management and the behavior of financial
instruments. The next section focuses on regulatory capital
standards and models, addressing value-at-risk (VaR) models,
portfolio credit risk, tranching, operational risk, and the Basel
accords. The author then deals with asset/liability management
(ALM) and liquidity management. The last part explores structured
finance and a variety of new trading instruments, including
inflation-linked products, sophisticated equity basket options, and
convertible bonds.
With numerous exercises, figures, and examples throughout, this
book offers valuable insight on various aspects of financial risk
management.
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