Other Publications
October:
Organizational Balance
Organizational balance is an essential requirement for successful risk management. The prospective requirement in the United States for independent Board-level Risk Committees may support improvement in this area at the very top of financial organizations.
May: Systemic Risk Lessons for an Age of Uncertainty
This is a PowerPoint presentation to the Spring Meeting of the International Association of Credit Portfolio Managers in London, May 13, 2011.
January: Why Institutions Failed to Manage Their Risk
This brief essay appeared in The Euromoney Risk Management Handbook 2011. It emphasizes the fundamental difference between risk and uncertainty and the need for firms to evaluate uncertainty using methods quite different from those developed over the past 25 years for analyzing risk. (The complete Handbook can be found at: http://digital.turn-page.com/issue/21869 )
Organizational balance is an essential requirement for successful risk management. The prospective requirement in the United States for independent Board-level Risk Committees may support improvement in this area at the very top of financial organizations.
May: Systemic Risk Lessons for an Age of Uncertainty
This is a PowerPoint presentation to the Spring Meeting of the International Association of Credit Portfolio Managers in London, May 13, 2011.
January: Why Institutions Failed to Manage Their Risk
This brief essay appeared in The Euromoney Risk Management Handbook 2011. It emphasizes the fundamental difference between risk and uncertainty and the need for firms to evaluate uncertainty using methods quite different from those developed over the past 25 years for analyzing risk. (The complete Handbook can be found at: http://digital.turn-page.com/issue/21869 )
March:
To VaR or Not to VaR?
From Insurance Risk & Capital - Value-at-Risk (VaR) is appropriate and effective for its proper purpose - but it addresses only one of the two key challenges of financial risk management.
From Insurance Risk & Capital - Value-at-Risk (VaR) is appropriate and effective for its proper purpose - but it addresses only one of the two key challenges of financial risk management.
July:
An Interview with Sean Lyons
From Corporate Defense Insights: Dispatches from the Front Line Risk Management and Its Role in Corporate Defense - Thoughts on risk management and its future formulated before the worst of the financial crisis broke in September 2008.
From Corporate Defense Insights: Dispatches from the Front Line Risk Management and Its Role in Corporate Defense - Thoughts on risk management and its future formulated before the worst of the financial crisis broke in September 2008.
January:
The Origins of Value - A Review
From The GARP Risk Review - A review of a book of essays exploring the historical roots of modern finance.
From The GARP Risk Review - A review of a book of essays exploring the historical roots of modern finance.
November:
The Future of Risk Management in Historical Perspective
From Financial Engineering News - Four lessons from history that financial risk management should heed.
October: The Future of Market Risk Management
A SunGard-Adaptiv Whitepaper - The message of this paper went sadly unheeded. Three years later the world reaped the consequences. "All the above pressures for change point in a consistent direction: the need and the capacity to supplement aggregate macro-estimates of potential losses with far more micro-oriented information about the nature and magnitude of specific vulnerabilities ... Technology can provide more nuanced insight into the composition and magnitude of market risk. Doing so requires understanding, will and discipline. Lacking these, market risk information will continue to fall short of its potential and this shortfall will doubtless have severe consequences for some institutions."
May: The Future of Credit Risk Management - (with Mat Newman)
A SunGard-Adaptiv White Paper - Historical innovations in credit risk management and their implied technology requirements.
From Financial Engineering News - Four lessons from history that financial risk management should heed.
October: The Future of Market Risk Management
A SunGard-Adaptiv Whitepaper - The message of this paper went sadly unheeded. Three years later the world reaped the consequences. "All the above pressures for change point in a consistent direction: the need and the capacity to supplement aggregate macro-estimates of potential losses with far more micro-oriented information about the nature and magnitude of specific vulnerabilities ... Technology can provide more nuanced insight into the composition and magnitude of market risk. Doing so requires understanding, will and discipline. Lacking these, market risk information will continue to fall short of its potential and this shortfall will doubtless have severe consequences for some institutions."
May: The Future of Credit Risk Management - (with Mat Newman)
A SunGard-Adaptiv White Paper - Historical innovations in credit risk management and their implied technology requirements.
January:
The Data Challenge of Basel II (with Dean Jovic)
From The Journal of Securities Operations - The historical obstacles to data consolidation and techniques for overcoming them.
From The Journal of Securities Operations - The historical obstacles to data consolidation and techniques for overcoming them.
September:
The Role of Models in Economic Prediction
A Paper presented at the 1982 Annual Meeting of the National Association of Business Economists - Written more than a quarter century ago, this brief paper considers the balance between science and judgment in economic prediction. While it contains several references to circumstances specific to the time, the central message remains as valid today as it was then.
A Paper presented at the 1982 Annual Meeting of the National Association of Business Economists - Written more than a quarter century ago, this brief paper considers the balance between science and judgment in economic prediction. While it contains several references to circumstances specific to the time, the central message remains as valid today as it was then.