Agustus 31, 2011
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PDF Ebook A Practical Guide to Risk Management, by Thomas S. Coleman
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A Practical Guide to Risk Management, by Thomas S. Coleman
PDF Ebook A Practical Guide to Risk Management, by Thomas S. Coleman
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Product details
Paperback: 228 pages
Publisher: Research Foundation of CFA Institute (July 8, 2011)
Language: English
ISBN-10: 1934667412
ISBN-13: 978-1934667415
Product Dimensions:
6 x 0.5 x 9 inches
Shipping Weight: 14.2 ounces (View shipping rates and policies)
Average Customer Review:
4.0 out of 5 stars
41 customer reviews
Amazon Best Sellers Rank:
#224,617 in Books (See Top 100 in Books)
This book is focused on risk management for a financial firm, and is mainly devoted to the analysis of financial risk. Some interesting ideas arise: (i) Risk management is too important a responsibility for managers to delegate it. (ii) Risk management is about taking advantage of opportunities: “controlling the downside and exploiting the upside†(distinguishing between downside risk and upside opportunity). (iii) The only outcome that matters is future cash flow and profits of the firm.Here I summarize some of the main ideas from each Chapter:In Chapter 1 the author presents some concepts about risk measurement and management.Chapter 2 has a very interesting discussion on probability and intuition, including a nice set of examples on how intuition might fool you in measuring probabilities. It discusses Frequency type and Bayesian type probabilities.In Chapter 3 Coleman shows the importance of soft managerial skills in risk management discussing the importance of managing people, processes, data, etc. In my opinion this discussion is too light and brief given its importance in the final outcome. In the section Organizational Structure, there is an interesting discussion regarding the structure of the risk management department and the role of the CROIn Chapter 4 the author lists and discusses several financial disasters. They are separated into Idiosyncratic and Systemic problems. There is not much more than that, but the data in interesting. The list of lessons learned in Page 119 is worth reading.Chapter 5 presents quantitative risk measurement techniques, with a strong emphasis on VaR (including a brief discussion on the models to estimate it) and volatility. The discussion continues with a discussion of how to treat tail events and tools for analyzing risk. The section concludes with a discussion on risk reporting, before moving to the analysis of credit risk.In Chapter 6 the author provides a very (too) brief discussion of the limitations of the models presented in the previous chapter. They basically are: (i) Models not include all risk positions, (ii) risk measures in general are backward looking, (iii) VaR does not measure “worst case scenarioâ€, (iv) quantitative techniques are complex, (v) quantitative risk measures does not properly represent risk eventsChapter 7 presents some brief conclusionsOverall, I think this is a good book, worth reading, especially if you are interested in Financial Risk Management for financial institutions.
If you're interested in financial risk management, you should read this ebook. Assuming you have some comfort with economics, finance and mathematics, "A Practical Guide to Risk Management" does a great job explaining both qualitative and quantitative facets of the field. At times it's even entertaining, which is no small feat considering the often technical nature of the subject matter. What struck me most about the book is the sincerity of Coleman's text. Rather than adding mystique to what many already consider a fairly arcane part of finance, he strives to make the subject matter as accessible as possible. It's very clearly written with numerous examples. Highly recommended.By the way, in case anyone's wondering, the sigma notation for equation 5.3a is based on the covariance matrix. What this essentially means is that sigma-11 and sigma-22 are variances, not standard deviations. I was a bit rusty in terms of stats notation; however, fortunately, the author was kind enough to respond to my e-mail regarding what the different variables represented.
Interesting introduction to risk management, its possibilities and limitations.
Coleman's book does an excellent job of highlighting the importance of the qualitative aspects of risk management. This is in contrast to most other books that focus solely on quantitative issues. Here is my favorite quote from the book:"The ultimate goal for risk management is to build a robust yet flexible organization and set of processes. We need to recognize that quantitative risk measurement tools often fail to capture just those unanticipated events that pose the most risk to the organization. The art of risk management is in building a culture and organization that can respond to and withstand these unanticipated events."Robert Litterman, in his Foreward to the book, notes an important point that is often overlooked:"Coleman emphasizes throughout that the management of risk is not a function designed to minimize risk. Although risk usually refers to the downside of random outcomes, as Coleman puts it, risk management is about taking advantage of opportunities: controlling the downside and exploiting the upside."This highly readable book is an excellent introduction to risk management, and those who want more can read the expansion to this book that will be published shortly by Wiley. There will also be web tools to calculate risk measures and such.Make sure you check it out...Bud Haslett, CFAHead - Risk Management and DerivativesCFA Institute&Executive DirectorResearch Foundation of CFA Institute
well explained, and in a way the autor present the subject in a phylosophical way, the examples are very clear and good if you want to understando how risk is involved not only in finance industry.
This book, as the title suggests, is more of a practical reference guide rather than a rigorous mathematical treatment of risk. There are some great examples given which clarify some of the psychology of how risk can be misinterpreted. This book will point the reader in the direction of other relevant texts to further their study.
good book
Great reading for a Kindle user and the guide is free (maybe not any more). Useful read for those who want to refresh their memory on risk management.
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