The Essentials of Risk Management |  | Authors: Michel Crouhy, Dan Galai, Robert Mark, Michel Crouhy, Dan Galai, Robert Mark
Publisher: McGraw-Hill
List Price: $39.95
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Rating:  9 reviews
Sales Rank: 66519
Media: Hardcover
Edition: 1
Pages: 416
Number Of Items: 1
Shipping Weight (lbs): 1.7
Dimensions (in): 9.1 x 6.2 x 1.3
ISBN: 0071429662
Dewey Decimal Number: 658.155
UPC: 639785386087
EAN: 9780071429665
ASIN: 0071429662
Publication Date: December 14, 2005
Availability: Usually ships in 1-2 business days
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Product Description
Associate PRM Certificate Exam Registration The Associate Professional Risk Manager (PRM) is a new PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. Designed to be mathematically and theoretically less detailed than the Professional Risk Manager (PRM(tm)) certification, the new program will cover the core concepts allowing non-specialists to interpret risk management information and reports, make critical assessments and evaluate the implications and the limitations of such results.
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| Customer Reviews:
Showing reviews 1-5 of 9
 Good if your in banking or financial management June 16, 2009
Christopher J. Smith
0 out of 1 found this review helpful
The book was over my head since I am not in banking or the financial industry. I actually was looking for a book on business risk management, oops wrong book.
The first few chapters were relevant for a business person but after that I just didn't think it was worth continuing.
Probably a 5 Star book, but I gave it four because of my mistake-Is that fair?????????
Accessible introduction, sometimes imprecise February 4, 2009
David R. Harper (Los Angeles, CA USA)
2 out of 2 found this review helpful
This is a broad, gentle introduction to risk. As it means to be non-technical, it is stronger as a discussion of qualitative issues like governance and weaker as an introduction to deep topics like Basel II and value at risk (VaR).
What I like about this book
It succeeds in putting risk measurement in perspective, from 10,000 feet. Chapter 1 nicely summarizes why risk measures are helpful and "dangerous." In this respect, the authors actually go further than Taleb's Black Swan by hinting at solutions. Taleb basically says we necessarily abuse models (my paraphrase of his entire book). We can all stipulate to that. The relevant question is, knowing our risk models do not describe natural phenomena, what do we do about it: how do we improve them and, a different question, what is their proper use (e.g., support, situation, context)? It's hard to find good study on model risk but this book touches on it quite a bit. In a way, i think the book's strength is as a primer on model risk.
Chapter 4 is helpful on risk governance, including roles (risk advisory director). The credit crisis, like some before, has re-surfaced the importance of governance.
It is a very accessible scan of various risk topics. The authors boiled down their formidable research on risk adjusted return on capital (RAROC) into a quick review. Great intro to economic capital and OpRisk VaR. Basel II is summarized into the smallest space I've seen.
What I don't like
Bending over backwards to be non-technical can lead to confusion. The central limit theorem (CLT), being slightly misstated, is given too much application (i.e., it speaks to properties of a sample mean under unrealistic assumptions, generally not an obsession of the risk manager who is concerned with tail outcomes).
Value at risk (VaR) is divided into three approaches. That's typical, but the review of the "analytic approach" propagates a common misunderstanding: it implies that the distributional assumption must be normal (e.g., a drawback of analytic approach is "assumes normality"). But of course extensions to parametric (linear) VaR models, that address skew and/or heavy-tails, are available.
 Review December 20, 2008
Robert L. Krise (Washington DC)
0 out of 2 found this review helpful
I hold a Masters Degree in security management and am pursuing certification as a risk management professional. This book was recommended by a specialized major trade association. At this oint, I'm only part way through the book, but I can assure any interested party that the book is well worth the investment.
Easier to understand August 25, 2008
L. Rhue (Norfolk, VA USA)
0 out of 2 found this review helpful
The nice thing about this book is that it delivers exactly what it advertises. It claims to be easier to understand than most risk management manuals and it truly is, while still maintaining comprehensive coverage of the subject matter.
Associate PRM Certificate Exam Registration July 8, 2008
Jodi K. Lundell
0 out of 4 found this review helpful
The Associate Professional Risk Manager (PRM) is a new PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. Designed to be mathematically and theoretically less detailed than the Professional Risk Manager (PRM(tm)) certification, the new program will cover the core concepts allowing non-specialists to interpret risk management information and reports, make critical assessments and evaluate the implications and the limitations of such results.
Showing reviews 1-5 of 9
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