The Essentials of Risk Management

by Michel Crouhy, Dan Galai, Robert Mark

Risk management is no longer confined solely to risk management specialists. Stakeholders ranging from employees to investors must understand how to quantify the tradeoffs of risk against the potential return. The failure to understand the essential nature of risk can have devastating consequences. Globally renowned risk and corporate governance experts Michel Crouhy, Dan Galai, and Robert Mark have updated and streamlined their bestselling professional reference Risk Management to introduce you to the world of risk management without requiring you to know the intricate formulas and mathematical details. The Essentials of Risk Management is the first book to make even the most sophisticated risk management approaches simultaneously accessible to both risk and non risk professionals. It will help you

Genres: Finance, Business, Nonfiction, Economics, Banking, Textbooks

416 pages, Hardcover

First published December 14, 2005

Reviews

[Aasim Waheed · Rating 1 out of 5]

This book should've been called "The essentials of financial risk management in banking sector" or something to that effect. This is not what I expected this book to be and therefore didn't read it completely.

Rating: 1/10

[Justin Nguyen · Rating 3 out of 5]

Michel Crouchy had done a good overview which is necessary to step into risk management world. The book covers most of the aspects of risk management area. However, because of overview, it's not detailed enough to really understand the concepts provided. Therefore, this book is a best-fit for those who are complete novices at risk management and who are such super-experts that know everything in the book.

[Matt Dubois · Rating 3 out of 5]

Was looking more for project risk, but the financial risk industry has a lot of concepts, tools, and lessons to offer that can be used as a basis to consider project risk. Lots of detail and numbers-good but a little dry.

[Michael Kocz · Rating 5 out of 5]

Great book for any financial risk manager. Those, such as myself, who have been in the business for some time would benefit from re-reading this primer as a means of re-introducing themselves to the complexity of what's before them.

[Mark · Rating 3 out of 5]

Re-read notes: I was a bit harsh the first time around. This is actually a fairly decent overview of financial risk and a survey of measurement and mitigation tools. It is indeed a fairly superficial treatment, but it is only meant to be the Essentials after all.

Largely superficial treatment of banking ERM with next to nothing on ex bank sectors. The fact that the authors dubbed LTCM a “near” failure and praised the prescience of Greenspan in the Intro should have tipped me off.

[Amr ElSemelawy · Rating 4 out of 5]

It is a good background for general knowledge in Risk management issues, the good thing about the book is that Quantitative parts are very minimal, which is a unique thing compared to most of the books on risk management Topics. Only the negative point about the book that was written in 2004 which of course missed all the new Risk Management techniques post 2008 crisis.

[Michael · Rating 5 out of 5]

Comprehensive and understandable for anyone entering the world of financial risk management and key to gaining one's initial certification.

[Ming Huang]

good

[Fernando Chávez Gutiérrez]

The book is very important for me

[Pedro Pinto · Rating 3 out of 5]

Risk Management - Slightly more than the essentials

Good starting point to risk management. Although it can be read by an interested reader, you need to have advanced financial knowledge to fully grasp all its content, examples and situations presented.

The book is naturally skewed to the financial industry, as this sector is spearheading such endeavors, nonetheless all the knowledge and takeaways can be adapted for non-financial institutions.

The book sets the building blocks of Risk Management (and sometimes goes well beyond that). As an improvement suggestion, there should be more practical examples and the cases presented could have been more dissected from an analytical perspective to help the reader to consolidate the presented concepts and theory.