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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.
- Sales Rank: #2899623 in Books
- Published on: 2001-03-23
- Original language: English
- Number of items: 1
- Dimensions: 9.49" h x 1.42" w x 6.10" l, 2.29 pounds
- Binding: Hardcover
- 624 pages
From the Inside Flap
Risk managers in the 1980s and 1990s were frequently mid-level executives within the corporate hierarchy on Wall Street and Main Street. They managed exposures to risk of all types in a piecemeal fashion.
Not so in the last few years. Risk-be it market, credit, or operational-is now actively managed on a firmwide basis by senior risk professionals reporting to the board level of many firms. Today, risk management is an essential component of any corporate business strategy.
Filling the need for a well-balanced book on the subject, The Risk Management Process provides an integrated framework to help you go beyond mere hedging to implement practical, firmwide risk management strategies within your organization.
Risk management is sound general management, pure and simple. This is the first book to combine a detailed, big-picture view of firmwide risk management with a theoretical but real-world discussion of best hedging practices. Here, Christopher Culp emphasizes why risk management is critical to the success of your business organization and how to engage in successful risk management practices tailored to your firm's underlying business activities. The Risk Management Process explains:
* How corporate finance is the backbone of risk management strategy
* Why models of individual hedging do not extend to models of corporate hedging
* Why risk management can add value for companies and their shareholders
* The basic principles of ex ante risk-adjusted capital allocation
* The tactics of using securitization, insurance, securities, derivatives, and other alternative risk transfer techniques to manage risk
In clear and accessible language, Culp demystifies and explains risk management as a business process-as essential to companies as the widgets they make and the services they provide.
From the Back Cover
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.
About the Author
CHRISTOPHER L. CULP is Managing Director at CP Risk Management LLC in Chicago and is also Adjunct Associate Professor of Finance at the University of Chicago. A former president of Risk Management Consulting Services, Inc. and senior examiner in the Supervision and Regulation Department of the Federal Reserve Bank of Chicago, Dr. Culp is a managing editor of Derivatives Quarterly and Senior Fellow in Financial Regulation with the Competitive Enterprise Institute in Washington, DC. Dr. Culp holds a PhD in finance from the Graduate School of Business of the University of Chicago and a BA in economics from Johns Hopkins University.
Most helpful customer reviews
9 of 10 people found the following review helpful.
Detail and not for beginners.
By K. Jalaludin
This book had more then what I was looking for.
I was looking for a book on general financial risk management theory and processes (especially market risk management). This book gave more then that. It gave me insight on the theories and rationales on the topic.
The coverage extended somewhat beyond financial risks, giving background on risk management to an organisation as a whole.
The structure of the book was easy and logical, first part being the background and theory or risk management as a whole, part two detailing into the maths of risk management, and the last discussing control processes.
One lacking part (which I was looking for) was that it did not discuss in detail the business processes themselves. I may have over expecting it, but the topic seem to have missed out.
2 of 3 people found the following review helpful.
Highly Recommended!
By Rolf Dobelli
Christopher Culp definitively combines a thorough reference work on company-wide risk management with a sweeping discussion of the best hedging practices. Since this is also a textbook, you'll find the kind of math that would make even Einstein sweat. But, as the author notes, he's written this book for senior managers, so you have a note from the teacher that you can skip the math and statistics if you have a staff for that. Instead, apply your executive thinking skills to absorbing Culp's excellent lessons in risk management theory and practice. We from getAbstract recommend this book to senior managers and directors - in other words, any executives who create, implement or supervise risk management strategies.
4 of 6 people found the following review helpful.
Amazing book
By A Customer
Culp integrated the corporate risk management puzzle with great ability. With a solid theoretical background and valuable pratical insights, this easy-reading book is worth every dollar it costs - a positive NPV for sure. But it is far from an introductory text. You must be well educated in both corporate finance and statistics to maximize your utility from reading mr. culp's text. If you are, it's a must. Otherwise i would suggest you to improve your corpfin and stats skills before getting into The Risk Management Process.
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