Both Accountants and Auditors are confronted daily with challenges associated with the evaluation of credit risk, market risk, and other exposures. The book provides up-to-date information on the most significant developments in risk management policies and practices. Accountants whose work under International Financial Reporting Standards increasingly involves risk control in their job will find this book of practical value with the inclusion of material on "how to" successfully design, implementation and use risk control measures. Designed specifically for accountants the book starts with the fundamental factors underpinning risk: volatility and uncertainty, and then shows how and why accounting, auditing, and risk control correlate. The themes covered in the book include: credit risk, market risk, liquidity risk, investment risk, and event risk.
PART ONE: RISK AND THE ACCOUNTING PROFESSION Chapter 1 RISK, VOLATILITY, AND UNCERTAINTY 1. Risk Defined 2. Kinds and Patterns of Risk 3. The Role of Judgment and of Analytics 4. The Science of Risk Management 5. Exposure to Systemic Factors 6. A Policy for Risk Protection Chapter 2 RISK MANAGEMENT AND THE ACCOUNTANT 1. Beyond Classical Accounting 2. Thinking Out of the Box 3. Newton4S pRINCIPLES 4. Pareto?s Law 5. Using Cash Account for Risk Management 6. Tracking Creature Accounting Practices Chapter 3 DUTIES AND RESPONSIBILITIES WITH RISK MANAGEMENT 1. The Accountant?s Mission in Risk Control 2. Quality of Assets and Quality of Management 3. Monitoring Assets and Liabilities 4. Observing Accounting Standards 5. Establishing a Code of Conduct 6. Personal Accountability Chapter 4 ACCOUNTING FOR TOTAL EXPOSURE. A CASE STUDY 1. Total Exposure Defined 2. Staal Bankiers. Case Study on Total Exposure 3. The Need for Understanding Where the Risks Are 4. Dynamic Financial Analysis 5. Organization for Risk Management 6. The Management of Change PART TWO: RISKS TO BE KEPT UNDER CLOSE WATCH Chapter 5 CREDIT RISK 1. Credit Risk Defined 2. Counterparty Risk 3. Credit Policy 4. Credit Limits 5. Credit Risk Management 6. Credit Risk Mitigation Chapter 6 CASE STUDIES ON LOANS THAT CANNOT BE REPAID 1. Exposure Due to Sovereign Debt 2. Sovereign Loans that Go Bust 3. Risky Investments in Russian Bonds. A Case Study 4. Credit Risk in the Corporate Sector 5. Credit Risk with Hedge Funds 6. Credit Default and Recovery Swaps Chapter 7 MARKET RISK 1. Market Risk Defined 2. Trading Risk 3. Equity Price Risk 4. Interest Rate Risk 5. Foreign Exchange Risk 6. Value at Risk 7. Beyond Value at Risk Chapter 8 INVESTMENT RISK 1. Position Risk 2. Risk Tolerance with Investments 3. One-Sided Securities Analysis 4. Case Study with Alstom 5. Case Study with Asia Pulp & Paper 6. Insurance Risk. Case Study with Longevity Risk Chapter 9 RISK, REWARD, AND RUIN 1. Risk Appetite 2. Liquidity rISK 3. Event Risk 4. Legal Risk 5. Payments Risk 6. Real-time Risk Reporting PART THREE: RISK, REGULATION AND MANAGEMENT CONTROL Chapter 10 BASEL II AND RISK MANAGEMENT 1. Base II and the Accountant 2. Competitive Impact of Basel II 3. Credit Risk Metrics: PD, LGD, EAD 4. Regulatory Capital and Hybrid Capital 5. Open Issues with Basel II 6. Implementation Plan and Simulation Studies Chapter 11 RISK-BASED PRICING 1. Why Risk-Based Pricing? 2. Risk Drivers 3. Risk Factors 4. Earnings at Risk 5. Marking to Market 6. Shortcomings of Valuation Models Chapter 12 A DEVIL?S ADVOCATE IN RISK MANAGEMENT 1. Role of the Devil?s Advocate 2. The Mission of Management 3. Policies for Control of Exposure 4. Failures in Control of Risk 5. Learning from the Engineering Sciences 6. The Importance of Confidence Intervals Chapter 13 BOARD OF DIRECTORS AND THE RISK MANAGER 1. Risk Control Responsibilities of the Board 2. Why Board Members Must Understand Risk and Return 3. Risk Management Is Like Pretrial Preparation 4. The Monetization of Risk 5. Client-Oriented Decisions on Exposure 6. Profile of a Chief Risk Officer
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