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Integrates essential risk management practices with practical corporate business strategies
Focusing on educating readers on how to integrate risk management with corporate business strategy-not just on hedging practices-The Risk Management Process is the first financial risk management book that combines a detailed, big picture discussion of firm-wide risk management with a comprehensive discussion of derivatives-based hedging strategies and tactics.
An essential component of any corporate business strategy today, risk management has become a mainstream business process at the highest level of the world's largest financial institutions, corporations, and investment management groups. Addressing the need for a well-balanced book on the subject, respected leader and teacher on the subject Christopher Culp has produced a well-balanced, comprehensive reference text for a broad audience of financial institutions and agents, nonfinancial corporations, and institutional investors.

Das Risikomanagement ist heute wesentlicher Bestandteil jeder modernen Unternehmensstrategie. Dieses Buch erlautert, warum Risikomanagement so wichtig ist fur den Unternehmenserfolg, und warum es sich bei den großten internationalen Finanzinstituten zu einem zentralen Prozeß auf hochster Ebene entwickelt hat.
"The Risk Management Process" ist das erste Buch zum Thema Kreditrisikomanagement, das das Risikomanagement fur das gesamte Unternehmen detailliert behandelt plus Hedging-Strategien und -Taktiken auf der Basis von Derivaten umfassend diskutiert. Autor Christopher Culp, ein anerkannter Experte und Dozent, hat mit "The Risk Management Process" ein ausgewogenes und umfasssendes Nachschlagewerk geschaffen, und zwar fur einen breitgefacherten Leserkreis.

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Praise for The Risk Management Process

"True to its claim, The Risk Management Process is a rigorous yet lucid and broadly accessible account of how the timeless principles of corporate finance apply to the management of risk. Written by an experienced consultant with impeccable academic credentials and incisive analytical thinking, this book is a must-read for the senior manager and corporate treasurer who aspire to integrate risk management with corporate financial management and business strategy."-George M. Constantinides, Leo Melamed Professor of Finance, University of Chicago Graduate School of Business

"Christopher Culp's The Risk Management Process: Business Strategy and Tactics is a comprehensive treatment of the issues that face risk managers today. His book constructs a bridge to connect the theory and the practice of risk management, and Culp leads readers over that bridge with great care."-Peter Tufano, Sylvan C. Coleman Professor of Financial Management, Harvard Business School

"An unusually simple and lucid analysis of the risk management process. This book will be valuable for anyone trying to manage financial risk."-Ken French, NTU Professor of Finance, Sloan School of Management, MIT

"As opposed to offering us another dry, one-size-fits-all, mathematical approach to measuring or managing one risk or another, this book provides a general management approach to this important facet of managing any business in the twenty-first century, yet doesn't shy away from sharing with the reader the underlying and necessary quantitative thinking that is required to perform the role of financial risk management. Culp easily switches between a statistical approach to risk measurement and a real-world approach to the particular exposure(s). In addition, it was refreshing to see the amount of time he spent on drawing the distinction between managing risk on Wall Street and managing the same risk within a corporation, which may have very different goals and success benchmarks."-Brent Callinicos, CPA, Treasurer, Microsoft Corporation

"The Risk Management Process is at the same time scholarly and comprehensive, yet readable, realistic, and insightful. Unquestionably, this is the right book at the right time, destined to become the standard reference work in the field."-Steve H. Hanke, Professor of Applied Economics, Johns Hopkins University, and Chairman, The Friedberg Mercantile Group, Inc.

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CONTENTS

INTRODUCTION = ⅸ

PART ONE Risk Management and Corporate Finance = 1

 CHAPTER 1 The Nature of Risk = 3

 CHAPTER 2 Risk Aversion, Insurance, and Hedging = 31

 CHAPTER 3 The Irrelevance of Corporate Financing and Risk Management Decisions = 60

 CHAPTER 4 Increasing Expected Cash Flows or Reducing the Cost of Capital by Managing Risk = 94

 CHAPTER 5 Reducing Conflicts between Security Holders and Managers by Managing Risk = 112

 CHAPTER 6 Reducing Conflicts among Security Holders by Managing Risk = 129

 CHAPTER 7 Controlling and Exploiting Informational Asymmetries by Managing Risk = 152

 CHAPTER 8 Value versus Cash Flow versus Earnings Risk Management = 188

 CHAPTER 9 Total versus Selective Risk Management = 202

PART TWO Risk Management and Business Strategy = 207

 CHAPTER 10 Risk Culture and Risk Management Business Models = 209

 CHAPTER 11 Integrating People, Technology, and Processes through Enterprise-Wide Risk Management = 226

 CHAPTER 12 Identifying Market Risk Exposures and Defining Risk Tolerances = 248

 CHAPTER 13 Spot, Forward, and Forward-Like Exposures = 260

 CHAPTER 14 Identifying Option, Option-Like, and Real Option Exposures = 281

 CHAPTER 15 Measuring and Monitoring Market Risk = 321

 CHAPTER 16 Identifying, Measuring, and Monitoring Credit Risk = 372

 CHAPTER 17 Identifying, Measuring, and Monitoring Liquidity Risk = 418

 CHAPTER 18 Identifying, Measuring, and Monitoring Operational Risk = 432

 CHAPTER 19 Identifying and Managing Legal Risk = 440

PART THREE The Tactics of Risk Control = 455

 CHAPTER 20 Ex Ante Capital Allocation = 457

 CHAPTER 21 Ex Post Performance Measurement and Compensation = 474

 CHAPTER 22 Internal Controls = 485

 CHAPTER 23 Tactical Risk Control with Derivatives = 500

 CHAPTER 24 Tactical Risk Control through Actual and Synthetic Asset Divestitures = 530

 CHAPTER 25 Strategic Risk Control with Structured Liabilities = 542

 CHAPTER 26 Insurance and ART = 548

NOTES = 569

BIBLIOGRAPHY = 584

INDEX = 507