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Books > Business & Economics > Finance & accounting
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Heads or Tails - Financial Disaster, Risk Management and Survival Strategy in the World of Extreme Risk (Paperback)
Loot Price: R1,593
Discovery Miles 15 930
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Heads or Tails - Financial Disaster, Risk Management and Survival Strategy in the World of Extreme Risk (Paperback)
Expected to ship within 10 - 15 working days
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In the wake of the global financial crisis, Heads or Tails answers
the question: what changes should financial institutions undergo to
ensure reliable protection against extreme risks? Recent massive
failures among large and respected financial institutions, clearly
demonstrate that contemporary risk management and regulation fail
to provide adequate responses to the challenges set by extreme
risks. Dr Evgueni Ivantsov combines analysis of the nature of
extreme risk (so-called tail risk), risk management practices and
practical solutions to build a robust, enterprise-wide, extreme
risk management framework which includes three lines of defence,
ranging from strategic to tactical, designed to help address the
tail risk during different stages of its development. The author
also discusses: c Why modern 'sophisticated' risk management
frameworks, strong capitalisation and liquidity do not prevent
banks from failure in the face of systemic crisis; c What it means
to build an effective defence against systemic and catastrophic
losses; c What risk architecture should look like to ensure that
extreme risk events are identified early and efficiently mitigated;
c How modern management practices, regulation and risk and business
culture need to change to guarantee sustainability. While the
context of Dr Ivantsov's writing is financial services, the book
contains an important message for specialists from any industries
exposed to the extreme risks (oil/gas, energy, mining, chemical
productions, transportation, etc.). Until the shortcomings of
current risk management and regulation are resolved, financial
services and other at risk industries will repeat the painful
mistakes of the past, over and over again.
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