Risk Management: The State of the Art
Risk Management: The State of the Art

Author: Stephen Figlewski

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 228

ISBN-13: 146150791X

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Very often, we associate the dawn of modern financial theory with Harry Markowitz who in the 1950s introduced the formal mathematics of probability theory to the problem of managing risk in an asset portfolio. The 1970s saw the advent of formal models for pricing options and other derivative contracts, whose primary purpose was also financial risk management and hedging. But events in the 1990s made it clear that effective risk management is a critical element for success, and indeed, for long term survival, not only for financial institutions, but also for industrial firms, and even for nonprofit organizations and governmental bodies. These recent events vividly show that the world is filled with all manner of risks, and so risk management must extend far beyond the use of standard derivative instruments in routine hedging applications. The articles in this volume cover two broad themes. One theme emphasizes methods for identifying, modeling, and hedging specific types of financial and business risks. Articles in this category consider the technology of risk measurement, such as Value at Risk and extreme value theory; new classes of risk, such as liquidity risk; new financial instruments and markets for risk management, such as derivative contracts based on weather and on catastrophic insurance risks; and finally, credit risk, which has become one of the most important areas of practical interest for risk management. The second theme stresses risk management from the perspective of the firm and the financial system as a whole. Articles in this category analyze risk management in the international arena, including payment and settlement risks and sovereign risk pricing, risk management from the regulator's viewpoint, and risk management for financial institutions. The articles in this volume examine the "State of the Art" in risk management from the standpoint of academic researchers, market analysts and practitioners, and government observers.

Risk Management
Risk Management

Author: Nerija Banaitiene

Publisher: BoD – Books on Demand

Published: 2012-09-12

Total Pages: 600

ISBN-13: 953510747X

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Every business and decision involves a certain amount of risk. Risk might cause a loss to a company. This does not mean, however, that businesses cannot take risks. As disengagement and risk aversion may result in missed business opportunities, which will lead to slower growth and reduced prosperity of a company. In today's increasingly complex and diverse environment, it is crucial to find the right balance between risk aversion and risk taking. To do this it is essential to understand the complex, out of the whole range of economic, technical, operational, environmental and social risks associated with the company's activities. However, risk management is about much more than merely avoiding or successfully deriving benefit from opportunities. Risk management is the identification, assessment, and prioritization of risks. Lastly, risk management helps a company to handle the risks associated with a rapidly changing business environment.

Quantitative Risk Management
Quantitative Risk Management

Author: Thomas S. Coleman

Publisher: John Wiley & Sons

Published: 2012-03-20

Total Pages: 581

ISBN-13: 1118235932

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State of the art risk management techniques and practices—supplemented with interactive analytics All too often risk management books focus on risk measurement details without taking a broader view. Quantitative Risk Management delivers a synthesis of common sense management together with the cutting-edge tools of modern theory. This book presents a road map for tactical and strategic decision making designed to control risk and capitalize on opportunities. Most provocatively it challenges the conventional wisdom that "risk management" is or ever should be delegated to a separate department. Good managers have always known that managing risk is central to a financial firm and must be the responsibility of anyone who contributes to the profit of the firm. A guide to risk management for financial firms and managers in the post-crisis world, Quantitative Risk Management updates the techniques and tools used to measure and monitor risk. These are often mathematical and specialized, but the ideas are simple. The book starts with how we think about risk and uncertainty, then turns to a practical explanation of how risk is measured in today's complex financial markets. Covers everything from risk measures, probability, and regulatory issues to portfolio risk analytics and reporting Includes interactive graphs and computer code for portfolio risk and analytics Explains why tactical and strategic decisions must be made at every level of the firm and portfolio Providing the models, tools, and techniques firms need to build the best risk management practices, Quantitative Risk Management is an essential volume from an experienced manager and quantitative analyst.

Enterprise Risk Management
Enterprise Risk Management

Author: James Lam

Publisher: John Wiley & Sons

Published: 2014-01-06

Total Pages: 501

ISBN-13: 1118834437

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A fully revised second edition focused on the best practices of enterprise risk management Since the first edition of Enterprise Risk Management: From Incentives to Controls was published a decade ago, much has changed in the worlds of business and finance. That's why James Lam has returned with a new edition of this essential guide. Written to reflect today's dynamic market conditions, the Second Edition of Enterprise Risk Management: From Incentives to Controls clearly puts this discipline in perspective. Engaging and informative, it skillfully examines both the art as well as the science of effective enterprise risk management practices. Along the way, it addresses the key concepts, processes, and tools underlying risk management, and lays out clear strategies to manage what is often a highly complex issue. Offers in-depth insights, practical advice, and real-world case studies that explore the various aspects of ERM Based on risk management expert James Lam's thirty years of experience in this field Discusses how a company should strive for balance between risk and return Failure to properly manage risk continues to plague corporations around the world. Don't let it hurt your organization. Pick up the Second Edition of Enterprise Risk Management: From Incentives to Controls and learn how to meet the enterprise-wide risk management challenge head on, and succeed.

Security Risk Management for the Internet of Things
Security Risk Management for the Internet of Things

Author: John Soldatos

Publisher:

Published: 2020-06-15

Total Pages: 250

ISBN-13: 9781680836820

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In recent years, the rising complexity of Internet of Things (IoT) systems has increased their potential vulnerabilities and introduced new cybersecurity challenges. In this context, state of the art methods and technologies for security risk assessment have prominent limitations when it comes to large scale, cyber-physical and interconnected IoT systems. Risk assessments for modern IoT systems must be frequent, dynamic and driven by knowledge about both cyber and physical assets. Furthermore, they should be more proactive, more automated, and able to leverage information shared across IoT value chains. This book introduces a set of novel risk assessment techniques and their role in the IoT Security risk management process. Specifically, it presents architectures and platforms for end-to-end security, including their implementation based on the edge/fog computing paradigm. It also highlights machine learning techniques that boost the automation and proactiveness of IoT security risk assessments. Furthermore, blockchain solutions for open and transparent sharing of IoT security information across the supply chain are introduced. Frameworks for privacy awareness, along with technical measures that enable privacy risk assessment and boost GDPR compliance are also presented. Likewise, the book illustrates novel solutions for security certification of IoT systems, along with techniques for IoT security interoperability. In the coming years, IoT security will be a challenging, yet very exciting journey for IoT stakeholders, including security experts, consultants, security research organizations and IoT solution providers. The book provides knowledge and insights about where we stand on this journey. It also attempts to develop a vision for the future and to help readers start their IoT Security efforts on the right foot.

Communicating Risks and Benefits
Communicating Risks and Benefits

Author: Baruch Fischhoff

Publisher: Government Printing Office

Published: 2012-03-08

Total Pages: 244

ISBN-13: 9780160901799

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Effective risk communication is essential to the well-being of any organization and those people who depend on it. Ineffective communication can cost lives, money and reputations. Communicating Risks and Benefits: An Evidence-Based User’s Guide provides the scientific foundations for effective communications. The book authoritatively summarizes the relevant research, draws out its implications for communication design, and provides practical ways to evaluate and improve communications for any decision involving risks and benefits. Topics include the communication of quantitative information and warnings, the roles of emotion and the news media, the effects of age and literacy, and tests of how well communications meet the organization’s goals. The guide will help users in any organization, with any budget, to make the science of their communications as sound as the science that they are communicating.

Transdisciplinary Perspectives on Risk Management and Cyber Intelligence
Transdisciplinary Perspectives on Risk Management and Cyber Intelligence

Author: Dall'Acqua, Luisa

Publisher: IGI Global

Published: 2020-08-28

Total Pages: 273

ISBN-13: 1799843408

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The emergence of artificial intelligence has created a vast amount of advancements within various professional sectors and has transformed the way organizations conduct themselves. The implementation of intelligent systems has assisted with developing traditional processes including decision making, risk management, and security. An area that requires significant attention and research is how these companies are becoming accustomed to computer intelligence and applying this technology to their everyday practices. Transdisciplinary Perspectives on Risk Management and Cyber Intelligence is a pivotal reference source that provides vital research on the application of intelligent systems within various professional sectors as well as the exploration of theories and empirical findings. While highlighting topics such as decision making, cognitive science, and knowledge management, this publication explores the management of risk and uncertainty using training exercises, as well as the development of managerial intelligence competency. This book is ideally designed for practitioners, educators, researchers, policymakers, managers, developers, analysts, politicians, and students seeking current research on modern approaches to the analysis and performance of cyber intelligence.

Asset Management
Asset Management

Author: Telli Van der Lei

Publisher: Springer Science & Business Media

Published: 2012-01-13

Total Pages: 176

ISBN-13: 9400727232

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In the past decades asset intensive companies have witnessed a number of regulatory changes and especially industry is facing ever increasing competitiveness. To overcome these challenges different asset management methods have been developed aimed to improve the asset life cycle. Especially the design phase and operation and maintenance phase have seen a rise in tools and methods. Smarter design can lead to improved operation. Likewise, improved operation and maintenance leads to lower replacement costs and may provide the basis for better design. This book brings together and coherently presents the current state of the art in asset management research and practice in Europe from a life cycle perspective. Each chapter focuses on specific parts of this life cycle and explains how the methods and techniques described are connected and how they improve the asset life cycle, thus treating this important subject from a unique perspective.

You Are What You Risk
You Are What You Risk

Author: Michele Wucker

Publisher: Simon and Schuster

Published: 2021-04-06

Total Pages: 244

ISBN-13: 1643136798

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The #1 international bestselling author of The Gray Rhino offers a bold new framework for understanding and re-shaping our relationship with risk and uncertainty to live more productive and successful lives. What drives a sixty-four-year-old woman to hurl herself over Niagara Falls in a barrel? Why do we often create bigger risks than the risks we try to avoid? Why are corporate boards newly worried about risky personal behavior by CEOs? Why are some nations quicker than others to recognize and manage risks like pandemics, technological change, and climate crisis? The answers define each person, organization, and society as distinctively as a fingerprint. Understanding the often-surprising origins of these risk fingerprints can open your eyes, inspire new habits, catalyze innovation and creativity, improve teamwork, and provide a beacon in a world that seems suddenly more uncertain than ever. How you see risk and what you do about it depend on your personality and experiences. How you make these cost-benefit calculations depend on your culture, your values, the people in the room, and even unexpected things like what you’ve eaten recently, the temperature, the music playing, or the fragrance in the air. Being alert to these often-unconscious influences will help you to seize opportunity and avoid danger. You Are What You Risk is a clarion call for an entirely new conversation about our relationship with risk and uncertainty. In this ground-breaking, accessible and eminently timely book, Michele Wucker examines why it’s so important to understand your risk fingerprint and how to make your risk relationship work better in business, life, and the world. Drawing on compelling risk stories around the world and weaving in economics, anthropology, sociology, and psychology research, Wucker bridges the divide between professional and lay risk conversations. She challenges stereotypes about risk attitudes, re-frames how gender and risk are related, and shines new light on generational differences. She shows how the new science of “risk personality” is re-shaping business and finance, how healthy risk ecosystems support economies and societies, and why embracing risk empathy can resolve conflicts. Wucker shares insights, practical tools, and proven strategies that will help you to understand what makes you who you are –and, in turn, to make better choices, both big and small.

Risk Assessment
Risk Assessment

Author: Marvin Rausand

Publisher: John Wiley & Sons

Published: 2020-03-31

Total Pages: 784

ISBN-13: 1119377234

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Introduces risk assessment with key theories, proven methods, and state-of-the-art applications Risk Assessment: Theory, Methods, and Applications remains one of the few textbooks to address current risk analysis and risk assessment with an emphasis on the possibility of sudden, major accidents across various areas of practice—from machinery and manufacturing processes to nuclear power plants and transportation systems. Updated to align with ISO 31000 and other amended standards, this all-new 2nd Edition discusses the main ideas and techniques for assessing risk today. The book begins with an introduction of risk analysis, assessment, and management, and includes a new section on the history of risk analysis. It covers hazards and threats, how to measure and evaluate risk, and risk management. It also adds new sections on risk governance and risk-informed decision making; combining accident theories and criteria for evaluating data sources; and subjective probabilities. The risk assessment process is covered, as are how to establish context; planning and preparing; and identification, analysis, and evaluation of risk. Risk Assessment also offers new coverage of safe job analysis and semi-quantitative methods, and it discusses barrier management and HRA methods for offshore application. Finally, it looks at dynamic risk analysis, security and life-cycle use of risk. Serves as a practical and modern guide to the current applications of risk analysis and assessment, supports key standards, and supplements legislation related to risk analysis Updated and revised to align with ISO 31000 Risk Management and other new standards and includes new chapters on security, dynamic risk analysis, as well as life-cycle use of risk analysis Provides in-depth coverage on hazard identification, methodologically outlining the steps for use of checklists, conducting preliminary hazard analysis, and job safety analysis Presents new coverage on the history of risk analysis, criteria for evaluating data sources, risk-informed decision making, subjective probabilities, semi-quantitative methods, and barrier management Contains more applications and examples, new and revised problems throughout, and detailed appendices that outline key terms and acronyms Supplemented with a book companion website containing Solutions to problems, presentation material and an Instructor Manual Risk Assessment: Theory, Methods, and Applications, Second Edition is ideal for courses on risk analysis/risk assessment and systems engineering at the upper-undergraduate and graduate levels. It is also an excellent reference and resource for engineers, researchers, consultants, and practitioners who carry out risk assessment techniques in their everyday work.