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Aaron Brown. Financial Risk Management For Dummies
Introduction
About This Book
Foolish Assumptions
Icons Used In This Book
Beyond the Book
Where to Go From Here
Part I. Getting Started with Risk Management
Chapter 1. Living with Risk
Understanding the Scope of Risk
Working with Financial Risk
Communicating Risk
Chapter 2. Understanding Risk Models
Comparing Frequentism and Bayesianism
Playing Roulette
Getting Scientific with Risk
Chapter 3. Taking Charge of Risk
Distinguishing Risk
Choosing Your Goal
Considering Dangers, Opportunities and Risk
Chapter 4. Managing Financial Risk
Looking at Financial Markets
Playing the Game
Maintaining Equilibrium
Surviving
Chapter 5. Functions of a Financial Risk Manager
Developing from Traders and Trading
Running the Middle Office
Reporting Requirements
Part II. Measuring Financial Risk
Chapter 6. Valuing Risk
Understanding VaR
Putting VaR to Use
Adding Flavours to VaR
Chapter 7. Stress Testing for Success
Testing for Stress
Imagining Stress Events
Building Your Stress
Telling Sad Stories during a Scenario Analysis
Working Backwards
Chapter 8. Speaking Greek
Parsing Portfolios
Deriving Greeks
Bonding
Chapter 9. Accounting for Extremes
Distinguishing Extremes
Spotting Extreme Fallacies
Adding Dimensions
Part III. Managing Financial Risk
Chapter 10. Setting Limits
Describing Basic Limits
Going through the Process
Administering Limits
Chapter 11. Stopping Losses
Understanding Stops
Avoiding Stop Mistakes
Overruling Stops
Monitoring Stop Frequency
Chapter 12. Controlling Drawdowns
Comparing Stopping Loss and Controlling Drawdown
Setting the Baseline Risk Level
Considering Stakeholders
Building a Drawdown Control System
Regrouping after a Drawdown Event
Chapter 13. Hedging Bets
Choosing Goals
Measuring Exposure
Changing Exposure
Monetising Hedges
Part IV. Working in Financial Institutions
Chapter 14. Trading Places
Understanding Traders
Helping Traders
Chapter 15. Banking on Risk
Banking Basics
Regulating Capital
Managing Bank Risk
Chapter 16. Managing Assets and Portfolios
Surveying Financial Institutions and Their Risks
Looking at Asset Management Companies and the Funds They Manage
Comparing Portfolio and Risk Management
Chapter 17. Insuring Risk
Understanding Insurance
Reinsuring
Crunching the Numbers with Actuaries
Part V. Communicating Risk
Chapter 18. Reporting Risk
Appreciating the Role of Risk Management
Writing Reports
Presenting to Boards of Directors
Incorporating Feedback
Chapter 19. Regulating Finance
Looking at Regulators and What They Do
Forging Relationships with Regulators
Banking on Basel
Stressing Regulation
Dealing with Unintended Consequences
Part VI. The Part of Tens
Chapter 20. Ten One-Minute Risk Management Tips
Fear the Market
Plan for Success
Hire Honest People
Listen Another Second
Split the Difference
Don’t Ignore Idiots
Respect the Past
Do the Asymptotics
Check the Data
Encourage Fast Failure
Chapter 21. Ten Days that Shook the (Financial) World
3 February 1637: Tulipmania
1 December 1825: South American Bond Crisis
24 September 1869: Black Friday
31 July 1905: Le roi du sucre et le roi du marché (The sugar king and the market king)
27 March 1980: Silver Thursday
1986–1993: Savings and Loan Crisis
19 October 1987: Black Monday
18 April 1994: Rogue Trader Joseph Jett
6–10 August 2007: Quant Equity Crisis
12 August 2012: The London Whale
Chapter 22. Ten Great Risk Managers in History
Abraham Wald
Alhazen
Dwight Eisenhower
Epicurus
Gideon
Henry Petroski
John Kelly
Nathan Bedford Forrest
Rituparna
Zu Chongzhi
Chapter 23. Ten Great Risk Books
A Demon of Our Own Design by Richard Bookstaber
Beat the Market by Ed Thorp
Dynamic Hedging by Nassim Taleb
Expert Political Judgment by Philip Tetlock
Finding Alpha by Eric Falkenstein
Fischer Black and the Revolutionary Idea of Finance by Perry Mehrling
Gambling and Speculation by Reuven and Gabrielle Brenner
Iceberg Risk by Kent Osband
Risk Intelligence by Dylan Evans
The Foundations of Statistics by Leonard J Savage
About the Author
Author’s Acknowledgments
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