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- DescriptionEvery industry experiences strategic inflection points which offer promises as well as threats. The crisis of 2007-2009 was one of strategic inflection for the banking industry, and a significant part of the danger came from the fact that risk pricing was found desperately wanting. The flaws in the existing risk pricing system were exposed, but this could also be the starting point of a new, invative and more accurate risk regime - indeed, if the global ecomy is to recover with any long-term strength, it must be. Deconstructing the failures of the past, and introducing some of the best techniques and disciplines for the future, Risk Pricing is an essential guide to how the financial world got risk so badly wrong - and how it might avoid doing so again.Bringing much needed sunlight on the workings of modern financial risk, and the inadequacies of past attempts to price it, amongst numerous topics the author covers are: Why the response of governments to the 2007-2009 crisis was seriously flawed; How risk complexity makes pricing in the 21st century particularly difficult, and what can be done about it; The application of Feynman diagrams in risk management; and, Why the top methodology of physicists - quantum electrodynamics (QED) - offer a potential solution with the qualities and capacity necessary for this complex task. This is a book about managing risk through the correct pricing of exposure embedded in financial products. A high level risk control plan is necessary because, in many banks and other financial institutions, even CEOs and senior managers have often lacked the timely and detailed information they require to watch over exposures building up in warehoused positions. Regulators, too, have struggled to monitor risk, which means there is time to lose in implementing a better risk pricing method. Ather global ecomic crisis could take place if changes are t made.
- Author BiographySince 1961, Dr Dimitris N. Chorafas has advised financial institutions and industrial corporations in strategic planning, risk management, computers and communications systems, and internal controls. A graduate of the University of California, Los Angeles, the University of Paris, and the Technical University of Athens, Dr Chorafas has been a Fulbright scholar. Financial institutions which sought his assistance include the Union Bank of Switzerland, Bank Vontobel, CEDEL, the Bank of Scotland, Credit Agricole, A-sterreichische LAnderbank (Bank Austria), First Austrian Bank, Commerzbank, Dresdner Bank, Demir Bank, Mid-Med Bank, Banca Nazionale dell'Agricoltura, Istituto Bancario Italiano, Credito Commerciale and Banca Provinciale Lombarda. Among multinational corporations Dr Chorafas has worked as consultant to top management, are: General Electric-Bull, Univac, Honeywell, Digital Equipment, Olivetti, Nestle, Omega, Italcementi, Italmobiliare, AEG-Telefunken, Olympia, Osram, Antar, Pechiney, the American Management Association and host of other client firms in Europe and the United States. Dr Chorafas has served on the faculty of the Catholic University of America and as visiting professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology. Also, the University of Alberta, Technical University of Karlsruhe, Ecole d'Etudes Industrielles de l'Universite de Geneve, Ecole Polytechnic Federale de Lausanne, Polish Academy of Sciences and Russian Academy of Sciences. More than 8,000 banking, industrial and government executives have participated in his seminars in the United States, England, Germany, Italy, other European countries, Asia and Latin America. Dr Chorafas is the author of 135 books, some of which have been translated into 16 languages.
- Author(s)Dimitris N. Chorafas
- PublisherHarriman House Publishing
- Date of Publication25/01/2010
- SubjectBusiness, Accounting & Vocational: Textbooks & Study Guides
- Place of PublicationPetersfield
- Country of PublicationUnited Kingdom
- ImprintHarriman House Publishing
- Content Noteblack & white illustrations
- Weight508 g
- Width149 mm
- Height242 mm
- Spine20 mm
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