Book Description
Today's most complete, up-to-date reference for controlling credit risk exposure of all types, in every environment
Measuring and Managing Credit Risk takes you far beyond the Basel guidelines to detail a powerful, proven program for understanding and controlling your firm’s credit risk. Providing hands-on answers on practical topics from capital management to correlations, and supporting its theories with up-to-the-minute data and insights, this authoritative book examines every key aspect of credit risk, including:
- Determinants of credit risk and pricing/spread implications
- Quantitative models for moving beyond Altman’s Z score to separate “good” borrowers from “bad”
- Key determinants of loss given default, and potential links between recovery rates and probabilities of default
- Measures of dependency including linear correlation, and the impact of correlation on portfolio losses
- A detailed review of five of today’s most popular portfolio models—CreditMetrics, CreditPortfolioView, Portfolio Risk Tracker, CreditRisk+, and Portfolio Manager
- How credit risk is reflected in the prices and yields of individual securities
- How derivatives and securitization instruments can be used to transfer and repackage credit risk
Today’s credit risk measurement and management tools and techniques provide organizations with dramatically improved strength and flexibility, not only in mitigating risk but also in improving overall financial performance. Measuring and Managing Credit Risk introduces and explores each of these tools, along with the rapidly evolving global credit environment, to provide bankers and other financial decision-makers with the know-how to avoid excessive credit risk where possible—and mitigate it when necessary.
Customer Reviews:
Must have for risk management.......2007-06-29
Yes, this is a must have. Written by S&P auther, it is the definitive guide, no question should be asked. cause they are credit king.
Many details on how to measure risk, quantitative methods in detail. Ideas and industry practice all in great detail. I could imagine some quants will use it as a cook book for their project.
overall, well written for easy read. both good for a glance at credit risk and for in depth learning of industry standard.
Most Appropriate for Basel II.......2005-09-08
If you are Banker/Banking Consultant then this book is the closest you will get to understanding Credit Risk from a Basel II perspective. Its clear & lucid style helped me understand the gamut of techniques used in Credit Risk Measurement. Unfortunately the Book does not get into the details of bulinding models so if your looking for a model building cookbook, look elsewhere.
a complete, robust and comprehensive valuable resource!.......2004-06-16
In Measuring and Managing Credit Risk, the authors provided a robust, complete and comprehensive treatment of several aspects of modern credit risk measurement and management. Written by two high talented practitioners, this book will become certainly a reference both for academics and practitioners thanks to its careful treatment of several not so known empirical issues which practitioners have to face everyday. At the same time, do not consider the book as a new recipes book for managing credit risk. Both authors already proved their deep knowledges of financial theory and establish once again, through this book, how advanced knowledges of theory combined with significant practical experience make leading researches. As a PhD candidate in Finance, actually writing on credit risk, I definitively adopted this book and higly recommend it for anyone dealing with credit risk issues either through a practical experience or through a theoritical work.
Book Description
Financial experts agree: Asset allocation is the key strategies for maintaining a consistent yet superior rate of investment return. Now, Roger Gibson's Asset Allocation - the bestselling reference book on this popular subject for a decade has been updated to keep pace with the latest developments and findings. This Third Edition provides step-by-step strategies for implementing asset allocation in a high return/low risk portfolio, educating financial planning clients on the solid logic behind asset allocation, and more.
Customer Reviews:
Asset Allocation: Balancing Financial Risk.......2007-07-11
Good overview. Perhaps a little technical. Graph oriented. Author does a good job of explaining his view point and backing it up with historical data.
asset allocation by gibson.......2007-05-24
The book was in excellent condition and was received in about five days.
Most solid advice on asset allocation ever.......2007-01-28
I had to read this book when I was taking a course to get a CIMA designation. I thought the book would be dullsville. But to the contrary, his strategies when tested are nothing short of amazing. To move away from the simple stock bond mix that every other book pimps out, is brave, but more importantly, he is right. Since reading the book I have obtained as many of his writings as possible. If you take the advice in this book and implement it, it will create a low stress, high return strategy. Good near term and long term advice. I will look to by more of this book to give to others. BEST BOOK ON ASSET ALLOCATION I HAVE EVER READ.
Gibson's Asset Allocation.......2006-08-23
Among the many books on this subject, this is one of the best. Unlike most of the other authors, Gibson does not limit himself to list the different asset classes and then provide recommended allocations. He goes one step further and describes in very practical terms the different issues that one faces when developing a portfolio and how to resolve them. In my view, Gibson ranks next to Bernstein and Malkiel. A good buy!
Asset allocation practically eliminates all risk while increasing returns........2005-07-01
This book informs the current political struggle to reform the Social Security program. In the case of a foreign invasion or some other calamity, it's true that one's private investments would be insecure, but so would one's "investments" in government bonds, so such cases are irrelevant.
In all relevant circumstances, private investments, if one adheres to even a primitive asset allocation strategy, are 100-percent safe. Mr. Gibson explains why.
He also cites studies concluding that the most significant variable in differences among institutional investor performance is emphasis on stock-picking and market-timing versus asset allocation. Those who emphasize asset allocation perform better than those who emphasize stock-picking and market-timing. A good companion to this book is "A Random Walk Down Wall Street", by Burton G. Malkiel.
Of course, Mr. Gibson introduces the reader to the theory and methods of asset allocation.
Average customer rating:
- Best Practical Risk Management Book Ever!
- Smart, Savvy, Practical
- An Excellent book on risk management
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Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk (with CD-ROM)
Steve L. Allen
Manufacturer: Wiley
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Similar Items:
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The Fundamentals of Risk Measurement
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Risk and Asset Allocation (Springer Finance)
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Options, Futures and Other Derivatives (6th Edition)
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The Essentials of Risk Management
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Financial Risk Manager Handbook (Wiley Finance)
ASIN: 0471219770 |
Book Description
An insider's view of financial risk management
This complete guide covers the strategies, principles, and measurement techniques necessary to measure and manage financial risk. With a focus on management perspective, this book explores real-world issues such as model validation, risk measurement, valuation methodologies, and much more. Self-contained Excel spreadsheets are included on the companion CD-ROM.
Steve Allen (New York, NY) is Managing Director of Market Risk Management at J.P. Morgan Chase. He has been a key architect of Chase's Value-at-Risk and Stress Testing systems. Allen also serves as Co-Chairman of the Market and Credit Risk Committee of the Bond Market Association and is coauthor of Valuing Fixed Income Investments and Derivative Securities.
Customer Reviews:
Best Practical Risk Management Book Ever! .......2006-05-24
Allen's book is absolutely phenomenal. Most of the risk management books out there are too technical to be of any practical use. Allen truly focuses on the practice of risk management and gives us insights on how to be a truly good risk manager. Traders could benefit from his insights as well. I particularly liked his breakdown of linear vs. non-linear risks, and liquid vs. non-liquid positions. In terms of the practical risk management of options (vanilla and exotics) I haven't seen anything this clear and this comprehensive. The accompanying CD is an absolute blessing in order to fully understand the concepts like price vol matrices, etc. This should be a required additional reading for all students in financial mathematics/MBA programs around the world! Well Done Mr. Allen!!
Smart, Savvy, Practical.......2003-11-14
Allen delivers the most insightful look at market risk management for dealers since the Group of 30 Report. While other books are taking on an increasingly bureaucratic tone when it comes to risk management, Allen is refreshingly proactive. I really like the treatment of valuation reserves. His discussion of managing spot, forward and options risks bridges the gap between what a trader is thinking and what a risk manager should be thinking. This isn't a book for the sort of risk manager who hasn't been on the trading floor in a few months. It is a tactical book for the pro who works shoulder to shoulder with quants, traders and salespeople. Note that the book is qualitative. For the quantitative side of all this, see Holton's landmark "Value-at-Risk".
An Excellent book on risk management.......2003-06-18
This is a must buy book for both kinds of people: students or people in academia and practitioners who want to understand different type of risk they face at a macro or micro level. The reasons I like this book on risk management better than thousand others already out there are following. I like to describe this book as having two sections, both the sections are very important and people can focus on either depending on what they are looking for. The first part of the book provides a very good understanding of the risks faced by managers, for example risk managers, head of a trading portolfio or a desk or even CEOs. Very often these people face risk which are hard to quantify or even understand and are not often talked about. The author draws from personal experience and provides interesting case studies,. which makes this part of the book a pleasure to read. I learnt about model risk, reputation risk and other such risks which typically a junior person on a trading desk is not exposed to. So this understanding is very valuable in order to communicate with your boss or to get more insights about risks that management may care about.
The Second part of the book focusses on risk management of different type of instruments, instruments range from plain vanilla to complex path dependent options. It spans through assets classes as well. As promised by the author, the level of mathematical and quantitative background required is kept to the minimum. The text provides intuition about what market variables or market moves a specific instruments depends on rather than complex formulae to price such instruments. For somebody like me, who has a little more mathematical background than an average reader, the text points to latest research or specific papers that I can explore if I want to flex my quantitative muscle.
The book is full of very interesting exercises and case studies, which are truly practical. This is something which is completely different from many texts that I have seen on this topic.
Overall, I highly recommend this book to anybody who has anything to do with trading financial instruments.
Book Description
Featuring new credit engineering tools,
Managing Bank Risk combines innovative analytic methods with traditional credit management processes. Professor Glantz provides print and electronic risk-measuring tools that ensure credits are made in accordance with bank policy and regulatory requirements, giving bankers with the data necessary for judging asset quality and value. The book's two sections, "New Approaches to Fundamental Analysis" and "Credit Administration," show readers ways to assimilate new tools, such as credit derivatives, cash flow computer modeling, distress prediction and workout, interactive risk rating models, and probabilistic default screening, with well-known controls. By following the guidelines of the Basel Committee on Banking Supervision,
Managing Bank Risk offers useful models, programs, and documents essential for creating a sound credit risk environment, credit granting processes, and appropriate administrative and monitoring controls.
Key Features
* Book includes features such as:
* Chapter-concluding questions
* Case studies illustrating all major tools
* EDF Credit Measure provided by KMV, the world's leading provide of market-based quantitative credit risk products
* Library of internet links directs readers to information on evolving credit disciplines, such as portfolio management, credit derivatives, risk rating, and financial analysis
* CD-ROM containing interactive models and a useful document collection
* Credit engineering tools covered include:
* Statistics and simulation driven forecasting
* Risk adjusted pricing
* Credit derivatives
* Ratios
* Cash flow computer modeling
* Distress prediction and workouts
* Capital allocation
* Credit exposure systems
* Computerized loan pricing
* Sustainable growth
* Interactive risk rating models
* Probabilistc default screening
* Accompanying CD includes:
* Interactive 10-point risk rating model
* Comprehensive cash flow model
* Trial version of CB Pro, a time-series forecasting program
* Stochastic net borrowed funds pricing model
* Asset based lending models, courtesy Federal Reserve Bank
* The Uniform Financial Institutions Rationg System (CAMELS)
* Two portfolio optimization software models
* a library of documents from the International Swap Dealers Association, the Basel Committee on Banking Supervision, and others
Customer Reviews:
Best book on the topic.......2004-04-15
This book trully deserves 5 stars. It is literally stuffed with very specific steps, processes and case studies. Moreover the book is easy to understand. It is very worth the money. I highly recommend this book to credit risk managers, financial analysts or to those readers who are involved in development of credit policies or procedures.
Extraordinary.......2003-01-14
Managing Bank Risk, An Introduction to Broad-Base Credit Engineering, takes on a Herculean task of capturing an extraordinarily extensive array of risk management subjects. Having spent several years in my prior career as a Corporate Banker to Fortune 500 Companies, I was familiar with some of the material within the book. However, I found that the most critical tools that I accumulated and have come to rely on have by and large been aggregated and explained clearly through both quantitative and qualitative approaches. Going beyond definitions and methodology, Managing Bank Risk lends focused perspective and context through the use of case studies. Having built various articulating sensitivity models over the course of my career, I appreciated the book's foundation of credit metrics, financial statement analysis with focus on cash flow analysis, proper asset-based lending approaches and detailed explanations of several forecasting techniques. From a pure banking perspective, Mr. Glantz commits significant time to portfolio management, hedging techniques, and understanding derivatives. Having seen only a small fraction of the statistical forecasting tools from business school that Mr. Glantz covers in the book, I found both the theory and practical software-based tools fascinating. Managing Bank Risk also evaluates and lucidly explains many corporate finance concepts and valuation tools such as Real Options and Pricing Models, which I have found important to have a controlling knowledge of in my career as an Investment Banker. Finally, but certainly not in summation, Managing Bank Risk reviews and identifies important Accounting and Corporate Structure insights and lessons that can be taken from recent corporate scandals. Given the sheer volume and quality of topics covered from the most fundamental to some of the most sophisticated, cutting-edge models available today, I would suggest this well-written and comprehensive book as a must-read for business school students or as a reference guide for finance professionals.
Incredible! Leading Resource to Understand Bank Risk.......2003-01-09
Glantz provides an astonishing and comprehensive overview of current banking practices. The book provides the necessary approaches for managing risk and uncovering discrepancies in today's environment of corporate shenanigans. The chapters on credit derivatives and pricing models are the most impressive of all writings on these subjects and are presented in a very clear and concise manner. Finally, the resources and risk rating system included on the CD is worth the price of the book alone.
BEST IN CLASS.......2003-01-02
This book is simply brilliant! Not only did I learn about new techniques for managing bank risk but found it similar to a novel that I never wanted to put down. I never take the time to write critiques but this book definitely warranted it.
Bank Risks.......2002-12-30
Managing Bank Risks is the definitive handbook on how bank risks should be managed. It presents new, leading edge techniques of risk management in a practical, user-friendly way. The accompanying CD provides underpinning for the risk manager to hone his skills. Morton Glantz has done a superb job, providing the reader with the latest risk management techniques under öne roof"
Customer Reviews:
Dealing with Human Error.......2007-05-06
This is a landmark book by the renowned expert and guru on human error, Professor James Reason. The author methodically, step-by-step, explains how the various defenses erected to prevent accidents can be breached in the highly technologically advanced and hazardous industries. Using the famous "Swiss Cheese" model to illustrate his point, he outlines how latent defects can conspire with active failures to result in accidents. Professor Reason's arguments, proposals and conclusions are persuasive and logical and are presented in an easy to follow and understand format.
According to Reason, error management includes measure to reduce the error susceptibility of particular tasks or task elements; determine, assess and then remove error-producing factors within the workplace; identify organisational issues that generate error-producing factors within the individual, the team, the task or the workplace; improve error detection; increase the error tolerance of the workplace or system; make latent conditions more visible to those who operate and manage the system; improve the organisation's intrinsic resistance to human fallibility.
It is important that organisations balance profit and costs, and try to ensure that the defences which are put in place are the most cost-effective in terms of trapping errors and preventing catastrophic outcomes.
Managing The Risks Of Orgnizational Accidents.......2001-07-20
Professor James Reason of Manchester University, is a giant in dealing with the human error. His famous book "HUMAN ERROR", first published in 1990, was an instant hit with the safety professionals and until today, remains an authoritative reference for anyone who wants to know more about human errors and human failings.
In 1997, Reason published yet another hit - "MANAGING THE RISKS OF ORGANIZATIONAL ACCIDENTS". This book, as Reason puts it, ... aimed at the "real people" and especially those whose daily business is to think about, and manage or regulate, the risk of hazardous technologies - like commercial aviation - our business.
Yes, this book is meant for the bosses, the Chairman, the CEO, all the Presidents, Executive Vice Presidents, Senior Vice Presidents and last but not least --- (if you are in the air transport business) --- the pilots in the flight deck - as the "Sharp End Operators" and the "Last Line Defenders" to fight against of all the possible latent errors and threats made long before we step into the flightdeck, but expect us to put a stop to any possible mishap from happening when the situation arises!
Professor Reason uses his now popular "Swiss Cheese" Model of Defence to explain the nature of those "latent threats" or "latent errors" lurking in our air transport organization (and others), waiting to spring on us when the time and opportunity present themselves.
Reason argues that highly hazardous technological industry like the air transport industry, (nuclear and chemical plants as well etc.) are usually protected with layers of strong defences..
Let me try to illustrate; let's say we have a lot of hazards to contain on the left hand side of this page, and the losses (if the hazards are not contained and causing accidents) are on the right hand side of this same page. Our defences are like layers of steel plates erected between the hazards and losses to protect them from meeting (liken to be like a light beam shining through).
In real life, these steel plates are both "hardware" and "software". Hardware are, for example better designed modern airplanes with many safety features incorporated from experiences gained over the last few decades of air transport operations, better human-engineering to prevent human factor related errors from being committed. Having better equipment to forecast weather better, better equipment to detect and forewarn the pilots of impending collision with other traffic or terrain etc.
Software, on the other hand, are people themselves, plus philosophy, policy and enforcing procedures to promote safety, implementing safety rules and regulations and practices to guard against accidents from happening.
Well and good, to be fair, all these work pretty well most of the time. That's why you don't get to see many air disasters, nuclear plant accidents, or offshore oil rig disasters very often. Reason, however, argues these "steel plates" are not hole-proof, there are in fact, full of "holes", caused by latent threats and errors, such as company pressure, tight schedules, awkward rules that are hard to follow, long working hours, inadequate rest, lack of on-going trainings, or lack of safety awareness practices, impractical fuel policy etc.
These "holes" in the steel plates expand or shrink depend on prevailing conditions. The holes are "latent threats and errors" built-in to the system, they alone will not cause accidents (not all the plates) but when coupled with some "active failures", (the remaining plates) such as human errors, lapses or slips in the system, in the right place and at the right time, the imaginary light from the left hand "hazards" side, will shine through these porous steel plates and light up the right hand "losses" side, an accident happens! But when it does happen, it is certainly a "Big Bang" headline news, which is usually coupled with heavy human death toll and colossal hardware losses.
Professor Reason deals specifically with the latent threats rather than the active failures, because, as in the Swiss Cheese Model, all you need to do is to make one of the steel plate hole-proof and the error chain is broken, thus preventing a disaster from occurring. Simple as that. Active failures will be dealt with elsewhere..
To sum up, this book covers hazards, defences and losses in all the hazardous high technology industries, it also points out reasons why sometimes these defences are penetrated and defeated. In fact Reason says some of these defences are themselves dangerous! He also talks of the human contribution to the breakdown in the defences, even maintenance, the very reason for maintenance is to ensure safety and reliability of the systems we built, itself can cause accidents if negligence seeps in. He offers practical guides to error management, and finally, how to engineer a safety culture to prevent "Big Bangs" from happening.
A highly recommended reference for those who take flight safety business seriously.
Eddie
This book gives a very holistic view of the safety problem........1999-06-17
This book is a must for anyone who is interested in understanding the organizational factors involved in accidents. It presents a clear picture of what the basic issue is with safety. It helps significantly in the understanding of what must be done in order to manage safety appropriatley. It presents principles that are applicable to all type of industries. I think the fact that an effective book on safety can be written by a psychologist emphasises the role people play in the safety process.
An excellent book........1998-10-19
A novice in this area, I found this book easy to read and very enlightening. The challenge for automation engineers, designers and safety professionals is not what needs to be done, but how to translate these concepts into your company's culture.
issues involved in managing safety in complex technologies.......1998-06-11
This book examines the issues involved in managing safety in complex technologies such as aviation, chemical process plants, and nuclear power. Mr. Reason leads the reader through the complex web of forces which interact to shape human performance. He builds on his earlier works, such as Human Error, to produce a comprehensive examination of difficulties in managing human performance. This book is a "must have" if you are seeking to understand human performance management or reducing human error.
Book Description
Managing Bank Capital explains proven techniques available in the management of bank capital that will help maximize shareholder value. This second edition has been fully updated to incorporate significant developments, such as the modeling of credit risk, and includes new sections with more technical information and advanced analysis.
Customer Reviews:
Excellent overview and detail on economic capital for banks.......2006-09-06
I bought this book hoping it would quickly bring me up to speed on key concepts in Economic Capital in the financial institutions industry. This book was simple enough for a relative novice to follow, and went into enough detail that I think most people would get something out of it. I also thought the book was well organized-- each section had a summary chapter that explained what the subsequent chapters in that section would cover so you could quickly skim or deep dive on various topics. The book was a bit dated in the sections on Basel, since it was written before Basel II was completed. Overall, an excellent introduction to Economic Capital and I was happy with my purchase.
Helpful Concepts, Lacking Implementatin Steps.......2002-07-30
With all the attention paid to bank capital management, this book is helpful in describing the concepts. However, it is not quantitative enough. The step-by-step of capital allocation for a given asset class of varying risk levels is lacking. For example, how should the bank treat the sub-prime portion of its credit card or auto loans in the capital allocation? I wish it were more specific. Could Providian or Capital One have directed the capital away from high risk loans, had they followed the advice of the book?
A Must-Read Book for Shareholder Value Management.......1999-06-05
Chris Matten provides a comprehensive guide to applications of RAROC and shareholder value for managing bank capital and compensating bank executives and traders. The author provides particularly good sections on how EVA, shareholder value, and other earnings based measures can be manipulated and abused. This is not the sort of book which the corporate finance shareholder value crowd would likely read, but is one which they need to read.
Excellent only book on the economic allocation of capital........1998-04-26
Mr. Matten's insightful work highlights how rigid appliction of the Basle Accords can lead to capital misallocation. He then provides insightful suggestions, with good examples, on how to better allocate bank capital by discriminating between borrowers on the basis of risk, all the while remaining within the basle guidelines. Mr. Matten points to the need for sophisticated mathematical-statistical analysis but does not dwell on the technicalities, making the book accessible to non-rocket scientists. All in all, a highly recommended book.
Great book, but watch out for typos.......1997-12-16
For a comprehensive approach that brings the reader from Cooke through RAROC, this book is very good and has no competition . What basic explanations of statistics theory you need in order to follow the main 'story' is included discreetly, so advanced readers shouldn't be bothered by them. This being said, beware the errors -- they exist throughout: for the price that Wiley Press is able to get in light of the lack of competition from another good RAROC capital allocation book ($69 last year, $95 now), it hopefully has caught and corrected them. Caveat emptor.
Book Description
There's a good reason project risk management is one of the most vital of the nine content areas of the Project Management Body of Knowledge (TM). Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. It's no wonder that project managers are increasingly focusing their attention on risk identification.
Identifying and Managing Project Risk is a practical guide to minimizing the possibility of failure in critical projects. The book takes readers step by step through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Relevant figures and diagrams support the text and illustrate key scenarios. At the end of each chapter is an analysis of how the principles just discussed applied to a supreme example of what many once considered a truly impossible project: the building of the Panama Canal.
Packed with real-world information, this book is essential reading for any project manager seeking to complete projects smoothly and successfully.
Customer Reviews:
A pretty good book.......2007-05-26
While I'm using this as required reading for a grad school class on Risk Management, I'd read this even if it wasn't required. Engaging for a not-so-easy subject to talk about, along with good and relevant examples. Talking about big and small projects, you get a feeling as you read that this book is for you, not just "big time companies" with mega projects.
Easy to Read.......2007-05-07
The book is very well-written and easy to read. I work in a high-tech start-up company and this book was quite applicable to some of the tasks we do.
Good overview, heavy in IT & scheduling.......2007-03-24
This risk management book provides a good overview of the risk management process from start to finish, and provides examples from technical projects. The text guides the reader through the three steps of risk identification, assessment, and management, and discusses the difference between macro-management of risk at a corporate or portfolio level, and micro-management of risk at the project level.
The book stresses the need for an understanding of each facet of the project in order to identify areas of risk. There is a very strong emphasis on scheduling, with many good suggestions regarding risk reduction, and the timing of risky activities during the course of the project. The information provided is largely qualitative, with some brief discussion about quantitative analysis, methods, and risk assessment tools. Some of the quantitative methods described are specifically for IT projects, with criteria such as technology, architecture, and system complexity. The material in the book relies heavily on the PMI Guide to the Project Management Body of Knowledge, 2000 edition (PMBOK).
The bulk of the book focuses on good risk management techniques, decision-making, and project planning. Management tools, such as root cause analysis, diagnostic project metrics, and financial metrics, are described in detail. The author provides the reader with a broad scope of information regarding risk management, and the book is an excellent resource for those who seek an introduction or refreshment of good project management and risk management concepts.
Essential.......2006-07-28
Very readable. Great reference. Includes explanations of Why you do things, not just How to do them. This book also takes a broad view of Risk, and when it is about 'Risk' it relates the planning and controlling to the other PMBOK processes and knowledge areas. Risk management as a comprehensive concept. Wow, who'da thunk. Kendrick impresses; I own and use his PM Toolkit almost daily.
A "Must Have" for Your Library.......2006-05-11
As the other reviewers have indicated, this book is an excellent addition to your library.
It is well-written, well-organized, and supported by real-life data from his PERIL database (compiled from hundreds of projects, world-wide, over the past decade). The book makes good use of bullets and diagrams to emphasize and/or explain important points.
I particularly liked the way he correlated his material with the Project Management Institute (PMI)'s PMBOK.
Further, I appreciated his discussion of some of the most difficult issues that arise when implementing a formalized project management methodology (including some that are seldom addressed in books), e.g.:
o Tips for persuading senior level management of the necessity of a formalized project management methodology
o Recognizing the power shift that occurs within a company when formalized project management/portfolio management processes are implemented and followed
o Metrics, derived from the PERIL database, relating to things such as the impact of the permanent (or temporary) loss of a project team member. (I'm always looking for metrics to support some business case, or other request to senior management, for additional ... time ... resources ... budget, etc.)
o The Appendix, which listed some of the Schedule, Resource and Scope risks from the PERIL database
o The sample Risk Questionnaire, and the many other tools, tip and procedures included in the book
Overall, I give it five stars and expect that it will become "dog-eared" very quickly, from heavy use, as I refer to it often in my work.
Book Description
Inside the Minds: The Insurance Business is an authoritative, insider's perspective on the ins and outs of this dynamic industry and the future of the business, on a global scale. Featuring Chairmen, Presidents, and CEOs, representing some of the top insurance companies across the nation, this book provides a broad, yet comprehensive overview of the current state and future shape of the industry. Discussing the inner workings of the business and the key factors that differentiate insurance companies from each other, as well as identifying the biggest risks companies face and ways to hedge these risks, these authors offer practical and adaptable strategies for generating revenues and profiting year after year. From the processes involved in determining a premium for a new customer, processing a claim, and investing the cash from policies, hitting on the essentiality of building a strong brand identity and achieving credibility, to overall tactics around marketing! and customer relations, these authorities articulate the finer points around the business now, and what will hold true into the future. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great innovative minds of today, as experts explore in detail what it takes to secure long-term success in this ever-evolving industry.
This book is by:
Martin D. Feinstein, Chairman of the Board & Chief Executive Officer, Farmers Group, Inc. - "The Business of Managing Risks"; Constantine "Dinos" Iordanou, President & Chief Executive Officer, Arch Capital Group Ltd. - "Property/Casualty Insurance: A Business of Risk & Reward"; William G. Star, Chairman, President, & Chief Executive Officer, Kingsway Financial Services Inc. - "The Road to Success in the Insurance Industry"; Mark E. Watson, President & Chief Executive Officer, Argonaut Group, Inc. - "The Business of Insuring Business"; James J. Maguire, Chairman & Founder, Philadelphia Consolidated Holding Corp. - "A Glimpse Behind the Scenes"; John W. Hayden, Chairman, President, & Chief Executive Officer, American Modern Insurance Group - "Master the Basics"; Robert V. James, President & COO, Balboa Insurance Group - "A People Business."
Download Description
Inside the Minds: The Insurance Business is an authoritative, insider's perspective on the ins and outs of this dynamic industry and the future of the business, on a global scale. Featuring Chairmen, Presidents, and CEOs, representing some of the top insurance companies across the nation, this book provides a broad, yet comprehensive overview of the current state and future shape of the industry. Discussing the inner workings of the business and the key factors that differentiate insurance companies from each other, as well as identifying the biggest risks companies face and ways to hedge these risks, these authors offer practical and adaptable strategies for generating revenues and profiting year after year. From the processes involved in determining a premium for a new customer, processing a claim, and investing the cash from policies, hitting on the essentiality of building a strong brand identity and achieving credibility, to overall tactics around marketing and customer relations, these authorities articulate the finer points around the business now, and what will hold true into the future. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great innovative minds of today, as experts explore in detail what it takes to secure long-term success in this ever-evolving industry.
Customer Reviews:
Nice Industry Primer.......2006-03-24
I used the book as a primer to the industry - a precursor to inheriting the insurance vertical as part of my sales territory. Would recommend this to anyone looking for a high level introduction and understanding.
Book Description
Everyday financial professionals are required to make important decisions regarding how best to execute an investment decision. The process entails estimating transaction costs, forecasting market impact and risk, evaluating alternative strategies, developing optimal trading strategies, choosing agency transaction or principal bid, and selecting the most suitable broker-dealer. Investors know all too well that trading too aggressively will cause too high market impact cost, but trading too passively will expose the fund to more risk, which may result in even higher costs. Investors need to find an appropriate balance between cost and risk, given the goals and objectives of the fund. Improper implementation will effectively erode much of the value added during the investment process and may ultimately cause investors to lose profits and funds to lose investors.
How can you maximize value instead? The answer lies in the proactive management of transaction costs and selection of trading strategy, the process to which this book is dedicated. Optimal Trading Strategies presents well-developed methodologies for managing and reducing costs throughout all stages of the investment cycle. You will find:
· Quantitative techniques for estimating, analyzing, and managing transaction costs
· A framework for forecasting market impact and risk
· Methodologies to develop optimal trading strategies
· A process to achieve best execution
· Metrics for measuring costs and evaluating performance
Consider this: Two money managers invest in and hold identical portfolios but one manager consistently outperforms the other by as much as 50 to100 basis points per quarter. The more successful manager is inevitably the one who better manages trading costs. In a highly competitive environment where every basis point counts, it is critical to seize every foreseeable advantage for your investors. By using the framework and techniques presented in this book, you will better position yourself to achieve higher portfolio returns.
Customer Reviews:
Excellent introductory text.......2007-10-22
Well written simple book from an authority on the subject. THE book to get initiated into algorithmic trading and pre-and post-trade analytics. Well-priced for its features.
NOTHING about trading strategies.......2007-03-08
This book has absolutely NOTHING to do with trading strategies as most people understand the term. This is purely a book about transaction costs in the world of equity. There's something about a 7-part cost component breakdown and then the book just discusses each part in some detail. There are tons of typos and absolutely nothing about how you can make money through trading. If anything, you might learn a thing or two about "implicit" trading costs but this knowledge will NOT help you become a trader.
This book is equally important to sell-side portfolio trading desk and buy-side traders........2005-12-20
Transaction cost modeling, along with good alpha models and risk models, is essential for fund performance. This book provides a structured framework to analyze and model transaction costs. The authors also discussed various trading strategies (blind bid and VWAP). It's well written but there are a lot of typos. More importantly, most techniques discussed in this book is more suitable for large-cap liquid stocks. We still need to work hard to find a empirically justified and theoretically sound modeling approach for small-cap and less liquid names.
Transaction cost Minimization.......2005-09-20
This book is for large players who have to balance liquidating their position too fast and moving the market, and liquidating slower and having the market move against them.
Not for players who want to optimize the risk of their portfolios by asset/risk allocation Or who want to optimize the parameters of their technical systems. Certainly irrelevant to small traders who can execute their trades in a market order without moving the market. A well writen book, with a misleading title.
Well-written but be warned.......2005-05-07
The book is well-written and its nice structure and intuitive approach very attractive. However, it will lead you down the wrong path.
As folks in the quantitative portfolio management world have discovered that if the information coefficients are low, the variability in the results is too large for practical use. The three key ingredients necessary for the book's approach to work: market-impact estimates, volatility forecasts and covariance estimates for the trade list all have high standard-errors.
Volume variability and decay of temporary market-impact are very important and not adequately discussed.
I have seen a number of trading desks put a whole infrastructure based on this approach. The sad part is the managers never understood the weaknesses of this approach. The results are very mediocre and in some-ways even worse than what the same desks would achieve before. And they continue to plod along trying to apply everything they learned while doing statistical arbitrage to this problem. Three basic problems: Law of large numbers is rarely available, you have to complete the trade most times and you do not get to choose the stocks you trade.
Also traditional statistical arbitrage techniques are not a source of alpha anymore. Theses inefficiencies are well understood and have been exploited mostly. (I know some folks are going to point to Renaissance etc. but from what I know their alpha persists because of very different reasons)
A better way is to combine statistics/econometrics and expert-systems. The results are much better.
Average customer rating:
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Managing Risk in the Foreign Exchange, Money and Derivative Markets
Heinz Riehl
Manufacturer: McGraw-Hill
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Binding: Hardcover
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Book Description
A professional's guide to controlling risk when investing in the foreign exchange and money markets. Particular emphasis on the use of derivatives. The book offers a unique perspective combining coverage of all three areas.
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