Science and Judgment in Risk Assessment
Science and Judgment in Risk Assessment

Author: National Research Council

Publisher: National Academies Press

Published: 1994-01-01

Total Pages: 668

ISBN-13: 030904894X

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The public depends on competent risk assessment from the federal government and the scientific community to grapple with the threat of pollution. When risk reports turn out to be overblownâ€"or when risks are overlookedâ€"public skepticism abounds. This comprehensive and readable book explores how the U.S. Environmental Protection Agency (EPA) can improve its risk assessment practices, with a focus on implementation of the 1990 Clean Air Act Amendments. With a wealth of detailed information, pertinent examples, and revealing analysis, the volume explores the "default option" and other basic concepts. It offers two views of EPA operations: The first examines how EPA currently assesses exposure to hazardous air pollutants, evaluates the toxicity of a substance, and characterizes the risk to the public. The second, more holistic, view explores how EPA can improve in several critical areas of risk assessment by focusing on cross-cutting themes and incorporating more scientific judgment. This comprehensive volume will be important to the EPA and other agencies, risk managers, environmental advocates, scientists, faculty, students, and concerned individuals.

Credit Risk
Credit Risk

Author: Darrell Duffie

Publisher: Princeton University Press

Published: 2012-01-12

Total Pages: 415

ISBN-13: 1400829178

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In this book, two of America's leading economists provide the first integrated treatment of the conceptual, practical, and empirical foundations for credit risk pricing and risk measurement. Masterfully applying theory to practice, Darrell Duffie and Kenneth Singleton model credit risk for the purpose of measuring portfolio risk and pricing defaultable bonds, credit derivatives, and other securities exposed to credit risk. The methodological rigor, scope, and sophistication of their state-of-the-art account is unparalleled, and its singularly in-depth treatment of pricing and credit derivatives further illuminates a problem that has drawn much attention in an era when financial institutions the world over are revising their credit management strategies. Duffie and Singleton offer critical assessments of alternative approaches to credit-risk modeling, while highlighting the strengths and weaknesses of current practice. Their approach blends in-depth discussions of the conceptual foundations of modeling with extensive analyses of the empirical properties of such credit-related time series as default probabilities, recoveries, ratings transitions, and yield spreads. Both the "structura" and "reduced-form" approaches to pricing defaultable securities are presented, and their comparative fits to historical data are assessed. The authors also provide a comprehensive treatment of the pricing of credit derivatives, including credit swaps, collateralized debt obligations, credit guarantees, lines of credit, and spread options. Not least, they describe certain enhancements to current pricing and management practices that, they argue, will better position financial institutions for future changes in the financial markets. Credit Risk is an indispensable resource for risk managers, traders or regulators dealing with financial products with a significant credit risk component, as well as for academic researchers and students.

Understanding and Analysis: The California Air Resources Board Forest Offset Protocol
Understanding and Analysis: The California Air Resources Board Forest Offset Protocol

Author: Eric Marland

Publisher: Springer

Published: 2017-03-28

Total Pages: 84

ISBN-13: 3319524348

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This book is a product of the initial phase of a broader study evaluating the voluntary and regulatory compliance protocols that are used to account for the contributions of forests in U.S.-based greenhouse gas (GHG) mitigation programs. The research presented here is particularly concerned with these protocols’ use of the USDA Forest Service’s Forest Inventory and Analysis (FIA) data to describe forest conditions, ownership, and management scenarios, and is oriented towards providing regulators and other interested parties with an objective comparison of the options, uncertainties, and opportunities available to offset GHG emissions through forest management. Chapters focus on the protocols for recognizing forest carbon offsets in the California carbon cap-and-trade program, as described in the Compliance Offset Protocol; U.S. Forest Projects (California Air Resources Board, 2011). Readers will discover the protocols used for quantifying the offset of GHG emissions through forest-related project activity. As such, its scope includes a review of the current methods used in voluntary and compliance forest protocols, an evaluation of the metrics used to assign baselines and determine additionality in the forest offset protocols, an examination of key quantitative and qualitative components and assumptions, and a discussion of opportunities for modifying forest offset protocols, in light of the rapidly changing GHG-related policy and regulatory environment. Finally, the report also discusses accounting and policy issues that create potential barriers to participation in the California cap-and-trade program, and overall programmatic additionality in addressing the needs of a mitigation strategy.

Encyclopedia of Quantitative Risk Analysis and Assessment
Encyclopedia of Quantitative Risk Analysis and Assessment

Author:

Publisher: John Wiley & Sons

Published: 2008-09-02

Total Pages: 2163

ISBN-13: 0470035498

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Leading the way in this field, the Encyclopedia of Quantitative Risk Analysis and Assessment is the first publication to offer a modern, comprehensive and in-depth resource to the huge variety of disciplines involved. A truly international work, its coverage ranges across risk issues pertinent to life scientists, engineers, policy makers, healthcare professionals, the finance industry, the military and practising statisticians. Drawing on the expertise of world-renowned authors and editors in this field this title provides up-to-date material on drug safety, investment theory, public policy applications, transportation safety, public perception of risk, epidemiological risk, national defence and security, critical infrastructure, and program management. This major publication is easily accessible for all those involved in the field of risk assessment and analysis. For ease-of-use it is available in print and online.

Risk Modeling for Appraising Named Peril Index Insurance Products
Risk Modeling for Appraising Named Peril Index Insurance Products

Author: Shadreck Mapfumo

Publisher: World Bank Publications

Published: 2017-04-13

Total Pages: 394

ISBN-13: 1464810494

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Named peril index insurance has great potential to address unmet risk management needs for agricultural insurance in developing economies, potentially contributing to increased agricultural sustainability and improved food security. However, the development and appraisal of index insurance business lines is not without challenges. Insurers must rigorously evaluate the quality of the products they offer and take care to ensure that distributors and policyholders understand the benefits and limits of the purchased coverage. Without these important steps to ensure responsible insurance practices, insurers can damage the implementation and potential of index insurance in the market. Risk Modeling for Appraising Named Peril Index Insurance Products: A Guide for Practitioners helps stakeholders in the named peril index insurance industry appraise new and existing products. Part 1 of the guide provides a summary of the insights and decisions required for the insurer to make an informed decision to launch and expand an index insurance business line. Insurance managers are the primary audience for part 1. Part 2 provides a step-by-step guide to calculating the decision metrics used by the insurance manager in part 1. These metrics are calculated using probabilistic modeling that provides insights into risks related to the index insurance product. Actuarial analysts are the primary audience for part 2. In an increasingly competitive insurance market, creative product development and imaginative business strategies are becoming the norm. This guide will help emerging market insurers who seek to stay on the cutting edge to successfully and sustainably penetrate new market segments.

A Guide to IMF Stress Testing
A Guide to IMF Stress Testing

Author: Ms.Li L Ong

Publisher: International Monetary Fund

Published: 2014-12-23

Total Pages: 610

ISBN-13: 1498370411

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The IMF has had extensive involvement in the stress testing of financial systems in its member countries. This book presents the methods and models that have been developed by IMF staff over the years and that can be applied to the gamut of financial systems. An added resource for readers is the companion CD-Rom, which makes available the toolkit with some of the models presented in the book (also located at elibrary.imf.org/page/stress-test-toolkit).

Risk and Financial Management
Risk and Financial Management

Author: Charles S. Tapiero

Publisher: John Wiley & Sons

Published: 2004-07-16

Total Pages: 358

ISBN-13: 0470020350

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Financial risk management has become a popular practice amongst financial institutions to protect against the adverse effects of uncertainty caused by fluctuations in interest rates, exchange rates, commodity prices, and equity prices. New financial instruments and mathematical techniques are continuously developed and introduced in financial practice. These techniques are being used by an increasing number of firms, traders and financial risk managers across various industries. Risk and Financial Management: Mathematical and Computational Methods confronts the many issues and controversies, and explains the fundamental concepts that underpin financial risk management. Provides a comprehensive introduction to the core topics of risk and financial management. Adopts a pragmatic approach, focused on computational, rather than just theoretical, methods. Bridges the gap between theory and practice in financial risk management Includes coverage of utility theory, probability, options and derivatives, stochastic volatility and value at risk. Suitable for students of risk, mathematical finance, and financial risk management, and finance practitioners. Includes extensive reference lists, applications and suggestions for further reading. Risk and Financial Management: Mathematical and Computational Methods is ideally suited to both students of mathematical finance with little background in economics and finance, and students of financial risk management, as well as finance practitioners requiring a clearer understanding of the mathematical and computational methods they use every day. It combines the required level of rigor, to support the theoretical developments, with a practical flavour through many examples and applications.

Managing Credit Risk
Managing Credit Risk

Author: John B. Caouette

Publisher: John Wiley & Sons

Published: 2011-07-12

Total Pages: 488

ISBN-13: 111816069X

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Managing Credit Risk, Second Edition opens with a detailed discussion of today’s global credit markets—touching on everything from the emergence of hedge funds as major players to the growing influence of rating agencies. After gaining a firm understanding of these issues, you’ll be introduced to some of the most effective credit risk management tools, techniques, and vehicles currently available. If you need to keep up with the constant changes in the world of credit risk management, this book will show you how.