"This book is fantastic! It really tells people what they need to know and it sets out the interviews perfectly. There are three people who cannot, or should not, sleep easily now: the heads of risk, compliance and government relations. This book will help them immeasurably."
TOM WHEELWRIGHT, Managing Director, Bower Group Australia
INSIGHT FROM EXPERTS ON HOW TO DEAL WITH DAY–TO–DAY RISK MANAGEMENT CHALLENGES
Since the 2008 financial crisis, one that shook the entire global community, risk management has become an intense area of focus for all organisations. While there have been high levels of introspection and changes to key processes, many financial houses are still vulnerable and continue to experience large losses as a result.
In Crisis Wasted?: Leading Risk Managers on Risk Culture editors Frances Cowell and Matthew Levins together with a team of industry notables examine the precarious financial marketplace and offer their expert advice on how organisations can deal effectively with day–to–day risk challenges.
Designed to be practical and accessible, Crisis Wasted? covers a broad range of the most urgent topics facing today′s organisations and risk managers. The contributors offer an in–depth analysis of such issues as: operational risk and risk culture; enterprise–wide risk management in a global operation; the fundamental differences in international regulation and practices; and suggestions for hiring and training effective risk managers.
Through interviews with leading risk management professionals from around the world, drawing on their insights in vital areas of risk, practitioners and organisational leaders will find practical solutions to their risk management challenges. With Crisis Wasted? as their guide, risk managers will gain the information and insights needed to help them handle risk crises in the future.
Crisis Wasted? is an essential resource for professionals responsible for minimising organisational risk, as well as those who want to better understand the risk culture of today′s world.
About the Authors xix
Chapter 1 Setting the Scene 1
Chapter 2 Background 7
Chapter 3 Sir Michael Hintze 37
Chapter 4 John Breit 59
Chapter 5 Bill Muysken 85
Chapter 6 Hugo B¨anziger 103
Chapter 7 Carol Alexander 119
Chapter 8 Mark Lawrence 141
Chapter 9 Paul Bostok 181
Chapter 10 Todd Groome 205
Chapter 11 Richard Meddings 227
Chapter 12 Adrian Blundell–Wignall 259
Chapter 13 Innovations 279
Chapter 14 Interpretation 295
Appendix A Risk Silos 309
Appendix B The Mechanics of Selected Financial Products 313
Appendix C Basel I, II and III Risk Weightings 321
Glossary of Terms 323
Glossary of People 347
Further Reading 353
FRANCES COWELL is a specialist investment risk consultant working with R–Squared Risk Management in Paris and London. She is a founding director of the London Quant Group, a not–for–profit that provides a forum for discussion of practical issues in quantitative investment techniques.
MATTHEW LEVINS is a risk consultant with a practice that spans banks in China, Asia and Australia. Previously, he directed trading, broking, capital market and risk practices in Australia, working for leading firms.