Extreme Risk
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Extreme Risk Management Revolutionary Approaches To Evaluating And Measuring Risk
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Author : Christina I. Ray
language : en
Publisher: McGraw Hill Professional
Release Date : 2010-06-28
Extreme Risk Management Revolutionary Approaches To Evaluating And Measuring Risk written by Christina I. Ray and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-28 with Business & Economics categories.
A revolutionary new approach for detecting and managing inherent risk The unprecedented turmoil in the financial markets turned the field of quantitative finance on its head and generated severe criticism of the statistical models used to manage risk and predict “black swan” events. Something very important had been lost when statistical representations replaced expert knowledge and statistics substituted for causation. Extreme Risk Management brings causation into the equation. The use of causal models in risk management, securities valuation, and portfolio management provides a real and much-needed alternative to the stochastic models used so far. Providing an alternative tool for risk modeling and scenario-building in stress-testing, this game-changing book uses causal models that help you: Evaluate risk with extraordinary accuracy Predict devastating worst-case scenarios Enhance transparency Facilitate better decision making TABLE OF CONTENTS Plausibility vs. Probability: Alternative World Views The Evolution of Modern Analytics Risk Management Metrics and Models The Future as Forecast: Assumptions Implicit in Stochastic Risk Measurement Models An Alternative Path to Actionable Intelligence Solutions: Moving Toward a Connectivist Approach An Introduction to Causality: Theory, Models, and Inference Risk Inference Networks: Estimating Vulnerability, Consequences, and Likelihood Securities Valuation, Risk Measurement, and Portfolio Management Using Causal Models Risk Fusion and Super Models: A Framework for Enterprise Risk Management Inferring Causality from Historical Market Behavior Sensemaking for Warnings: Reverse-Engineering Market Intelligence The United States as Enterprise: Implications for National Policy and Security
Extreme Risk
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Author : Chris Hunter
language : en
Publisher: Random House
Release Date : 2010-12-07
Extreme Risk written by Chris Hunter and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-07 with Biography & Autobiography categories.
BOSNIA...NORTHERN IRELAND...IRAQ...AFGHANISTAN... For the past twenty years, some of the most dangerous places on earth. And for Major Chris Hunter, just some of the places where he has defused bombs in his ceaseless battle against terrorism and the bombmakers. This is the story of a teenager with no hopes who joined the army at sixteen and went on to become one of the most successful counter-terrorism operators in the world. This is the story of survival when all the odds are stacked against you, when every second feels like a lifetime, when the sound of your heart beating is as deafening as a ticking bomb. This is what it's like, day in day out, to take your life and the lives of others in your own hands, and make a difference. And this is what it costs to live that life...
Risk In Extreme Environments
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Author : Vicki M. Bier
language : en
Publisher: Routledge
Release Date : 2017-10-19
Risk In Extreme Environments written by Vicki M. Bier and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-19 with Business & Economics categories.
Risk in Extreme Environments presents a wide-ranging discussion of approaches for assessing and managing extreme risks. Extreme events are not only severe, but also outside the normal range of experience of the system in question, and can include environmental catastrophe; engineering failure; financial or business meltdown; and nuclear or other extreme terrorism. The book focuses on synthesizing research results in a way that provides insights useful to decision makers, and enables them to ask probing questions about the risks faced by their organizations, identify creative solutions, and minimize the neglect of extreme risks that can come from a focus on mundane or ordinary management challenges. The book details case studies on nuclear power, infectious diseases, and global catastrophic risks, in addition to sections on risk assessment, risk management, and risk perceptions. Since effective management benefits from an interdisciplinary perspective, the chapter authors include experts in economics, engineering, geography, law, political science, psychology, sociology, and science in addition to risk analysis. Risk in Extreme Environments is an accessible and valuable resource for risk managers and other decision makers responsible for large complex business and government decisions, while also providing enough detail and references to be informative for risk analysts interested in learning more about technical aspects of the various methods.
Managing Extreme Financial Risk
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Author : Karamjeet Paul
language : en
Publisher: Elsevier
Release Date : 2013-09-16
Managing Extreme Financial Risk written by Karamjeet Paul and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-16 with Business & Economics categories.
Managing Extreme Financial Risk addresses the need for better management strategies in light of increased market risk and volatility in financial institutions' revenue models. Top officials from the financial and regulatory industries point to real corporate issues, showing how institutions react to financial crises. From first-hand experiences, they explain how effective sustainability management does not just prevent being blindsided; it also leads to proactive solutions that enhance an institution's strength to weather a sudden financial crisis, add significant shareholder value, and reduce systemic risk. Readable, coherent, and logical, Managing Extreme Financial Risk shows how extreme risk needs to be handled when the cost of being wrong means the difference between life and death of the institution. Based on the firsthand experiences and perspectives of senior-level executives Concentrates on extreme risk, when the cost of being wrong is not the loss of profits, but the death of the institution Written to be easily understood without algorithms, models, and quants
Extreme And Systemic Risk Analysis
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Author : Stefan Hochrainer-Stigler
language : en
Publisher: Springer Nature
Release Date : 2020-04-06
Extreme And Systemic Risk Analysis written by Stefan Hochrainer-Stigler and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-06 with Nature categories.
This book is about how extreme and systemic risk can be analyzed in an integrated way. Risk analysis is understood to include measurement, assessment as well as management aspects. Integration is understood as being able to perform risk analysis for extreme and systemic events simultaneously. The presented approach is based on Sklar's theorem, which states that a multivariate distribution can be separated into two parts – one describing the marginal distributions and the other describing the dependency between the distributions using a so-called copula. It is suggested to reinterpret Sklar's theorem from a system or network perspective, treating copulas as a network property and individual, including extreme, risk as elements within the network. In that way, extreme and systemic risk can be analyzed independently as well as jointly across several scales. The book is intended for a large audience, and all techniques presented are guided with examples and applications with a special focus on natural disaster events. Furthermore, an extensive literature and discussion of it are given in each chapter for the interested reader.
Heads Or Tails
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Author : Evgueni Ivantsov
language : en
Publisher: Routledge
Release Date : 2016-04-22
Heads Or Tails written by Evgueni Ivantsov and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-22 with Business & Economics categories.
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: ¢ Why modern ’sophisticated’ risk management frameworks, strong capitalisation and liquidity do not prevent banks from failure in the face of systemic crisis; ¢ What it means to build an effective defence against systemic and catastrophic losses; ¢ What risk architecture should look like to ensure that extreme risk events are identified early and efficiently mitigated; ¢ 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.
Extreme Financial Risks
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Author : Yannick Malevergne
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-01-16
Extreme Financial Risks written by Yannick Malevergne and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-16 with Mathematics categories.
"Clearly elucidates extreme financial risks associated with rare events such as financial crashes. The highlight of the book is the delineation of various copulas in conjunction with financial dependences among different assets of a portfolio. In particular, the insightful discussion on quadrant and orthant dependences casts new light on the connection between marginal models and financial dependence...brings a vivid portrayal of the subject." -- MATHEMATICAL REVIEWS
Taming The Risk Hurricane
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Author : David Hillson
language : en
Publisher: Berrett-Koehler Publishers
Release Date : 2022-09-06
Taming The Risk Hurricane written by David Hillson and has been published by Berrett-Koehler Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-06 with Business & Economics categories.
A leading expert on risk management describes how to steer your company through a risk hurricane-the extreme risk exposure that can lead to major disruption for your business. Risk management has become a standard part of the strategic tool kit, providing senior leaders with a forward-looking radar to scan the future and give early warnings of approaching threats and opportunities. However, even best-in-class organizations can falter in the face of extreme risk exposure. Special circumstances demand special responses, and extreme risk exposure needs very careful handling. Routine risk management approaches will fall short, but businesses that demonstrate a high degree of flexibility and resilience will have the competitive advantage and the ability to thrive where others fail. The causes and consequences of meteorological hurricanes have parallels in the way uncontrolled risk exposure can develop in organizations. Both are caused largely by predictable factors, but both are characterized by sustained uncertainty and severe impact once they develop. If we can learn to predict a risk hurricane, prepare for it effectively, and survive its effects, then our organizations will be well placed to address the challenge of extreme risk exposure, if and when we are unfortunate enough to face it.
Extreme Risk Management
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Author : Lisa R. Goldberg
language : en
Publisher:
Release Date : 2009
Extreme Risk Management written by Lisa R. Goldberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Quantitative risk management relies on a constellation of tools that are used to analyze portfolio risk. We develop the standard toolkit, which includes betas, risk budgets and correlations, in a general, coherent, mnemonic framework centered around marginal risk contributions. We apply these tools to generate side-by-side analyses of volatility and expected shortfall, which is a measure of average portfolio excess of value-at-risk. We focus on two examples whose importance is highlighted by the current economic crisis. By examining downside protection provided by an out-of-the-money put option we show that the diversification benefit of the option is greater for a risk measure that is more highly concentrated in the tail of the distribution. By comparing two-asset portfolios that are distinguished only by the likelihood of coincident extreme events, we show that expected shortfall measures market contagion in a way that volatility cannot.
Assessing Risk Assessment
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Author : Christian Hugo Hoffmann
language : en
Publisher: Springer
Release Date : 2017-11-14
Assessing Risk Assessment written by Christian Hugo Hoffmann and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-14 with Business & Economics categories.
Christian Hugo Hoffmann undermines the citadel of risk assessment and management, arguing that classical probability theory is not an adequate foundation for modeling systemic and extreme risk in complex financial systems. He proposes a new class of models which focus on the knowledge dimension by precisely describing market participants’ own positions and their propensity to react to outside changes. The author closes his thesis by a synthetical reflection on methods and elaborates on the meaning of decision-making competency in a risk management context in banking. By choosing this poly-dimensional approach, the purpose of his work is to explore shortcomings of risk management approaches of financial institutions and to point out how they might be overcome.