This title is designed to be accessible to both technical and non-technical readers. The Practice of Risk Management is unique in its presentation of information and techniques indispensible to any form aspiring to efficient risk management.
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"As a guide for practitioners by practitioners, 'The Practice of Risk Management' is a unique contribution to the risk management community. I highly recommend it to all practitioners in risk management.". -- Yong Li, Director GARP - Global Association of Risk Professionals
Preface E Gerald Corrigan In one form or another, Risk Management is a phenomenon that can be traced to the very origins of civilisation in that the most basic instincts of mankind, such as the search for shelter, can be seen as the practice of risk management. Centuries later, the early organisation of financial institutions, including banks and insurance companies, marked the beginning of the generalised institutionalisation of risk management in financial affairs, a process that continues to evolve even today. However, while it is probably fair to characterise the pattern of change in banking and finance over the broad sweep of time as evolutionary in nature, it is equally fair to characterise such developments over the past 25 years or so as revolutionary. Indeed, in that latter time frame the intensified application of increasingly sophisticated technology and telecommunications to banking and finance has produced an almost unthinkable surge of innovation in the financial arena that has brought with it vast benefits but also new and extraordinarily complex elements of risk. These developments have ushered in new challenges for risk managers in financial institutions and for those charged with the official supervision of financial institutions.
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