20 Best Books On Risk Management (2023 Update)

The definitive guide to quantifying risk vs. return–fully updated to reveal the newest, most effective innovations in financial risk management since the 2008 financial crisis written for risk professionals and non-risk professionals alike, this easy-to-understand guide helps you meet the increasingly insistent demand to make sophisticated assessments of companies' risk exposure. it provides the latest methods for: measuring and transferring credit risk increasing risk-management transparency implementing an organization-wide enterprise risk management (erm) approach michel crouhy is head of research and development at natixis and the founder and president of the natixis foundation for quantitative research. dan galai is the abe gray professor of finance and business administration at the school of business administration, the hebrew university in jerusalem. robert mark is the founding chief executive officer of black diamond risk which provides corporate governance, risk management consulting, risk software tools, and transaction services.

Oprisk awards 2020 book of the year winner! the authoritative guide to the best practices in operational risk management operational risk management offers a comprehensive guide that contains a review of the most up-to-date and effective operational risk management practices in the financial services industry. the book provides an essential overview of the current methods and best practices applied in financial companies and also contains advanced tools and techniques developed by the most mature firms in the field. the author explores the range of operational risks such as information security, fraud or reputation damage and details how to put in place an effective program based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. the book also examines some specific types of operational risks that rank high on many firms' risk registers. drawing on the author's extensive experience working with and advising financial companies, operational risk management is written both for those new to the discipline and for experienced operational risk managers who want to strengthen and consolidate their knowledge.

Strategic risk management having just experienced a global pandemic that sent equity markets into a tailspin in march 2020, risk management is a more relevant topic than ever. it remains, however, an often poorly understood afterthought. many portfolios are designed without any thought given to risk management before they are handed off to a dedicated—but separate—risk management team. harvey, sandy rattray, and otto van hemert deliver a reimagining of the risk management process. the book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world’s largest publicly listed hedge fund, man group. – the authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. you will learn about how the book’s new approach to risk management fared during the recent market drawdown at the height of the covid-19 pandemic. you will also discover why the traditional risk weighting approach only works on certain classes of assets. – the book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing. – perfect for people working in the asset management industry and financial policy makers, strategic risk management: designing portfolios and managing risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets. – praise for strategic risk management“strategic risk management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. this should clearly be best practice for all asset managers.”—jase auby, chief investment officer, the teacher retirement system of texas“this book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. i was pleased to shepherd some of the key ideas in this book through the publication process at the journal of portfolio management.”—frank j. fabozzi, editor, the journal of portfolio management“financial markets today are quite different from those of the last century. understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. in that sense, bringing risk management from ‘control’ to ‘front office’ should be a priority for asset managers. this book explains how to do it.”—marko kolanovic, chief global market strategist, j.p. morgan – a powerful new approach to risk management in volatile and uncertain markets – while the covid-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management. – strategic risk management: designing portfolios and managing risk delivers a fresh approach to risk management in difficult market conditions. the accomplished author team advocates for the amalgamation of portfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design. – the book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. you will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the covid-19 pandemic and how they can help you protect your assets against unpredictable—but inevitable—future bear markets. – ideal for professionals in the asset management industry, strategic risk management: designing portfolios and managing risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.

A comprehensive, accessible guide to the policies and practices of risk management in higher education student affairs staff at all types of colleges and universities need to be equipped to help manage risk and protect their institutions, the people they serve, and their resources from unintended consequences. risk management in student affairs: foundations for safety and success helps practitioners understand the sources of risk in their work, and the practices and strategies they can employ to help mitigate that risk. written for those without legal training, the book is accessible to new and mid-level professionals as well as students preparing to enter the profession. it teaches how to limit, control, and respond to risk in order to protect oneself and one's institution. the book covers all aspects of risk management in higher education, including: tort liability (such as damage due to negligence, accidents on campus, injuries resulting from alcohol use, and incidents during study-abroad trips) contracts (such as off-campus incidents, contracts for events and activities, and employment and disciplinary issues) state and federal violations (including the freedoms of speech, religion, and the press, search and seizure, due process, osha, title ix, ferpa, and ada) resource protection (including information and data security, facilities, financial resources, and physical environments) managing risk is an integral part of the work of student affairs, and the ability to manage risk well can save time, money, and personnel at a time when resources can be scarce. whether you work in a public or private institution, and whether you manage personal or institutional risk, no other book addresses risk management within higher education in such a focused, comprehensive manner.

Discover an accessible and comprehensive overview of credit risk management in the newly revised second edition of the handbook of credit risk management: originating, assessing, and managing credit exposures, veteran financial risk experts sylvain bouteillé and dr. diane coogan-pushner deliver a holistic roadmap to credit risk management (crm) ideal for students and the busy professional. the authors have created an accessible and practical crm resource consistent with a commonly implemented risk management framework. divided into four sections—origination, credit assessment, portfolio management, and mitigation and transfer—the book explains why crm is critical to the success of large institutions and why organizational structure matters.

For undergraduate courses in risk management and insurance. principles and practices: managing risk with consumer considerations redja's principles of risk management and insurance provides an in-depth examination of major risk themes. using rich and up-to-date content on the basic concepts of risk and insurance, and introductory and advanced topics in traditional and enterprise risk management, the text is relevant to a wide number of disciplines in the business realm. fully updated and revised, the thirteenth edition now covers global topics ranging from natural disasters and terrorism, to domestic issues like the ever-evolving affordable care act and healthcare reform. principles of risk management and insurance sets itself apart by placing primary emphasis on insurance consumers and blends basic risk management and insurance principles with consumer considerations, allowing students to apply basic concepts to their own personal risk management and insurance programs.

In the same way as the 4ps of marketing are a fundamental principle of business theory, this book puts forward the 10ps of risk management as a consistent and comprehensive approach to the subject. the 10ps of risk management offers a holistic approach, bringing together all elements of risk management for managers, safety and environmental consultants, business advisers and students on occupational health and safety and environmental studies courses.

This fifth edition of fundamentals of risk management is a comprehensive introduction to commercial and business risk for students and risk professionals. providing extensive coverage of the core frameworks of business continuity planning, enterprise risk management and project risk management, this is the definitive guide to dealing with the different types of risk an organization faces. with relevant international case examples including ericsson, network rail and unilever, the book provides a full analysis of changes in contemporary risk areas including supply chain, cyber risk, risk culture and appetite, improvements in risk management documentation and statutory risk reporting. now revised to be completely aligned with the recently updated iso 31000 and coso erm framework, this comprehensive text reflects developments in regulations, reputation risk, loss control and the value of insurance as a risk management method. also including a thorough overview of international risk management standards and frameworks, strategy and policy, fundamentals of risk management is the definitive text for those beginning or considering a career in risk. online supporting resources include lecture slides with figures, tables and key points from the book.

This fifth edition of fundamentals of risk management is a comprehensive introduction to commercial and business risk for students and risk professionals. providing extensive coverage of the core frameworks of business continuity planning, enterprise risk management and project risk management, this is the definitive guide to dealing with the different types of risk an organization faces. with relevant international case examples including ericsson, network rail and unilever, the book provides a full analysis of changes in contemporary risk areas including supply chain, cyber risk, risk culture and appetite, improvements in risk management documentation and statutory risk reporting. now revised to be completely aligned with the recently updated iso 31000 and coso erm framework, this comprehensive text reflects developments in regulations, reputation risk, loss control and the value of insurance as a risk management method. also including a thorough overview of international risk management standards and frameworks, strategy and policy, fundamentals of risk management is the definitive text for those beginning or considering a career in risk. online supporting resources include lecture slides with figures, tables and key points from the book.

Risk management is one of the most critical areas in investment and finance–especially in today’s volatile trading environment. with risk management: framework, methods, and practice you’ll learn about risk management across industries through firsthand, real life war stories rather than mathematical formulas. concise and readable, it covers both the theoretical underpinnings of risk management, as well as practical techniques for coping with financial market volatility. using vivid analogies, this book takes you through key risk measurement issues such as fat tails and extreme events, the pros and cons of var, and the different ways of modeling credit risk. this book is a rarity in that it does not presuppose any knowledge of sophisticated mathematical techniques, but rather interprets these in their intuitive sense.

The essential reference for financial risk management filled with in-depth insights and practical advice, the financial risk manager handbook is the core text for risk management training programs worldwide. presented in a clear and consistent fashion, this completely updated sixth edition, mirrors recent updates to the new two-level financial risk manager (frm) exam, and is fully supported by garp as the trusted way to prepare for the rigorous and renowned frm certification. this valuable new edition includes an exclusive collection of interactive multiple-choice questions from recent frm exams. financial risk manager handbook, sixth edition supports candidates studying for the global association of risk professional's (garp) annual frm exam and prepares you to assess and control risk in today's rapidly changing financial world. authored by renowned risk management expert philippe jorion, with the full support of garp, this definitive guide summarizes the core body of knowledge for financial risk managers. offers valuable insights on managing market, credit, operational, and liquidity risk examines the importance of structured products, futures, options, and other derivative instruments contains new material on extreme value theory, techniques in operational risk management, and corporate risk management financial risk manager handbook is the most comprehensive guide on this subject, and will help you stay current on best practices in this evolving field. the frm handbook is the official reference book for garp's frm certification program.

A guide to the validation and risk management of quantitative models used for pricing and hedging whereas the majority of quantitative finance books focus on mathematics and risk management books focus on regulatory aspects, this book addresses the elements missed by this literature–the risks of the models themselves. this book starts from regulatory issues, but translates them into practical suggestions to reduce the likelihood of model losses, basing model risk and validation on market experience and on a wide range of real-world examples, with a high level of detail and precise operative indications.

"the idea for me to write this book came about from the many questions i received from colleagues when i was assisting project managers in the compilation and updating of the risks registers for the primary risks particular to their engineering, procurement & construction (epc) projects. at the same time, i was often involved in chairing the risk management meetings on behalf of those project managers, and then following up the required actions with my colleagues. my participation in those tasks came about despite my principal role having been to undertake the contract administration functions for the mega epc projects i had been allocated to. this was simply because most other managers seemed to believe that risk management was more suited to my line of work than theirs. in the course of undertaking those tasks, some of my co-workers from whom input was required told me that the concept of risk management was a mystery to them, and it was therefore a subject that they shied away from. i had a fair degree of sympathy for them, largely because, when i first embarked on studying the subject of project risk management in the mid 1980's (as part of a project management course i was undertaking in pre-internet days), i was overwhelmed by the almost pure academic treatment of the subject (as compared to the practical application i had been looking for).

Publisher's note: products purchased from third party sellers are not guaranteed by the publisher for quality, authenticity, or access to any online entitlements included with the product.risk management — a clear and uncomplicated approach to business and project risk–here is risk, simply put, with practical stories and casesbarkley's approach to project risk management includes and enhances the current project management institute body of knowledge on risk. clearly spelling out simplified steps and useable risk matrix format, making risk management a team-based art as well as a science, project risk management shows you why do risk and how to:* save time in identifying, categorizing, ranking, and assessing risks* integrate contingency plans into the project schedule* apply practical templates and formats* "demystify" risk and integrate risk into business and project planning and control* link business strategy and business planning to project risk* create risk-based schedules using ms project software pert analysis tools* relate risk to cost control and budget issues* "shield" business projects from risk by addressing risk early and often as part of the project planning and review process* pose questions and answers on risk for company education and trainingfor the business and project professional looking for "doable" risk methods, there is no better reference than bruce barkley's project risk management. put it to work to improve your project risk profile today!

A global banking risk management guide geared toward the practitioner financial risk management presents an in-depth look at banking risk on a global scale, including comprehensive examination of the u.s. comprehensive capital analysis and review, and the european banking authority stress tests. written by the leaders of global banking risk products and management at sas, this book provides the most up-to-date information and expert insight into real risk management. the discussion begins with an overview of methods for computing and managing a variety of risk, then moves into a review of the economic foundation of modern risk management and the growing importance of model risk management. market risk, portfolio credit risk, counterparty credit risk, liquidity risk, profitability analysis, stress testing, and others are dissected and examined, arming you with the strategies you need to construct a robust risk management system. the book takes readers through a journey from basic market risk analysis to major recent advances in all financial risk disciplines seen in the banking industry. the quantitative methodologies are developed with ample business case discussions and examples illustrating how they are used in practice. chapters devoted to firmwide risk and stress testing cross reference the different methodologies developed for the specific risk areas and explain how they work together at firmwide level. since risk regulations have driven a lot of the recent practices, the book also relates to the current global regulations in the financial risk areas. risk management is one of the fastest growing segments of the banking industry, fueled by banks' fundamental intermediary role in the global economy and the industry's profit-driven increase in risk-seeking behavior. this book is the product of the authors' experience in developing and implementing risk analytics in banks around the globe, giving you a comprehensive, quantitative-oriented risk management guide specifically for the practitioner. compute and manage market, credit, asset, and liability risk perform macroeconomic stress testing and act on the results get up to date on regulatory practices and model risk management examine the structure and construction of financial risk systems delve into funds transfer pricing, profitability analysis, and more quantitative capability is increasing with lightning speed, both methodologically and technologically. risk professionals must keep pace with the changes, and exploit every tool at their disposal. financial risk management is the practitioner's guide to anticipating, mitigating, and preventing risk in the modern banking industry.

Despite twenty years of endeavor, it's thumbs down for the banks' approach to operational risk management. the basel committee on banking supervision has abandoned the flagship advanced measurement approach (ama) – the inhouse models banks use to calculate regulatory capital – and c-suite executives wonder what possible business value can be derived from subjective, non-aggregatable, color-coded risk & control self-assessments. in his book "where next for operational risk?" peter hughes examines how the banking sector lost its way in the area of operational risk management and gives his own thoughts on the next generation risk and accounting tools and techniques that will resolve many of the issues banks currently face and optimally position them to meet both the known and unknown challenges that lie ahead.

Examine the evolving enterprise security landscape and discover how to manage and survive risk. while based primarily on the author’s experience and insights at major companies where he has served as ciso and cspo, the book also includes many examples from other well-known companies and provides guidance for a management-level audience. – managing risk and information security provides thought leadership in the increasingly important area of enterprise information risk and security. it describes the changing risk environment and why a fresh approach to information security is needed. because almost every aspect of an enterprise is now dependent on technology not only for internal operations but increasing as a part of product or service creation, the focus of it security must shift from locking down assets to enabling the business while managing and surviving risk. – this edition discusses business risk from a broader perspective, including privacy and regulatory considerations. it describes the increasing number of threats and vulnerabilities and offers strategies for developing solutions. these include discussions of how enterprises can take advantage of new and emerging technologies—such as social media and the huge proliferation of internet-enabled devices—while minimizing risk. – what you'll learn – review how people perceive risk and the effects it has on information security – see why different perceptions of risk within an organization matters – understand and reconcile these differing risk views – gain insights into how to safely enable the use of new technologies – who this book is for – the primary audience is cios and other it leaders, cisos and other information security leaders, it auditors, and other leaders of corporate governance and risk functions. the secondary audience is ceos, board members, privacy professionals, and less senior-level information security and risk professionals." harkins’ logical, methodical approach as a ciso to solving the most complex cybersecurity problems is reflected in the lucid style of this book. the author shines a light on that path in a comprehensive yet very readable way." —art coviello, former ceo and executive chairman, rsa

Praise for energy and power risk management "energy and power risk management identifies and addresses the key issues in the development of the turbulent energy industry and the challenges it poses to market players. an insightful and far-reaching book written by two renowned professionals." –helyette géman, professor of finance university paris dauphine and essec "the most up-to-date and comprehensive book on managing energy price risk in the natural gas and power markets. an absolute imperative for energy traders and energy risk management professionals." –vincent kaminski, managing director citadel investment group llc "eydeland and wolyniec’s work does an excellent job of outlining the methods needed to measure and manage risk in the volatile energy market." –gerald g. fleming, vice president, head of east power trading, txu energy trading "this book combines academic rigor with real-world practicality. it is a must-read for anyone in energy risk management or asset valuation." –ron erd, senior vice president american electric power

Technology failures, data loss, issues with providers of outsourced services, misconduct and mis-selling are just some of the top risks that keep financial firms up at night. in this context effective operational risk management is, simply, a commercial necessity. the management of operational risk, defined by the basel accord as arising from failures of processes, people, systems or external events, has developed considerably since its early years. continued regulatory focus and catastrophic industry events have led to operational risk becoming a crucial topic on senior management's agenda. this book is a practical guide for practitioners which focuses on how to establish effective solutions and avoid common pitfalls. filled with frameworks, examples and diagrams, this book offers clear advice on key practices including conducting risk assessments, assessing change initiatives, designing key risk indicators, establishing scenario analysis, drafting appetite statements and carrying out risk reporting. operational risk management in financial services also features results from polls taken by risk practitioners which provide a snapshot of current practices and allow the reader to benchmark themselves against other firms. this is the essential guide for professionals looking to derive value out of operational risk management, rather than applying a compliance 'tick box' approach.

A practical and effective blueprint for world-class cybersecurity risk management in cybersecurity risk management: mastering the fundamentals using the nist cybersecurity framework, veteran technology analyst cynthia brumfield, with contributions from cybersecurity expert brian haugli, delivers a straightforward and up-to-date exploration of the fundamentals of cybersecurity risk planning and management. the book offers readers easy-to-understand overviews of cybersecurity risk management principles, user, and network infrastructure planning, as well as the tools and techniques for detecting cyberattacks. the book also provides a roadmap to the development of a continuity of operations plan in the event of a cyberattack. with incisive insights into the framework for improving cybersecurity of critical infrastructure produced by the united states national institute of standards and technology (nist), cybersecurity risk management presents the gold standard in practical guidance for the implementation of risk management best practices. filled with clear and easy-to-follow advice, this book also offers readers: a concise introduction to the principles of cybersecurity risk management and the steps necessary to manage digital risk to systems, assets, data, and capabilities a valuable exploration of modern tools that can improve an organization’s network infrastructure protection a practical discussion of the challenges involved in detecting and responding to a cyberattack and the importance of continuous security monitoring a helpful examination of the recovery from cybersecurity incidents perfect for undergraduate and graduate students studying cybersecurity, cybersecurity risk management is also an ideal resource for it professionals working in private sector and government organizations worldwide who are considering implementing, or who may be required to implement, the nist framework at their organization.