The book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorizing risk within these levels it is possible to drill down and roll-up to any level of the organizational structure and to establish the risks that each project is most sensitive to, so that appropriate risk response strategies may be implemented to benefit all stakeholders.
Introduction
Pt. I The Products 1
1 Financial Innovation: Achievements and Prospects by Merton H. Miller 5
2 The Evolution of Risk Management Products by S. Waite Rawls III and Charles W. Smithson 18
3 The Revolution in Corporate Risk Management: A Decade of Innovations in Process and Products by Christopher L. Culp 32
4 A Senior Manager's Guide to Integrated Risk Management by Lisa K. Meulbroek 63
Pt. II Corporate Uses of the Products 87
5 Rethinking Risk Management by Rene M. Stulz 93
6 An Analysis of Trading Profits: How Most Trading Rooms Really Make Money by Alberic Braas and Charles N. Bralver 121
7 Theory of Risk Capital in Financial Firms by Robert C. Merton and Andre F. Perold 131
8 Value At Risk: Uses and Abuses by Christopher L. Culp and Merton H. Miller and Andrea M. P. Neves 162
9 Allocating Shareholder Capital to Pension Plans by Robert C. Merton 184
10 The Uses and Abuses of Finite Risk Reinsurance by Christopher L. Culp and J. B. Heaton 205
11 Does Risk Management Add Value? A Survey of the Evidence by Charles W. Smithson and Betty J. Simkins 235
Pt. III Practitioner Perspectives: Case Studies and Roundtables 257
12 Identifying, Measuring, and Hedging Currency Risk at Merck by Judy C. Lewent and A. John Kearney 263
13 Corporate Insurance Strategy: The Case of British Petroleum by Neil A. Doherty and Clifford W. Smith, Jr. 279
14 Hedging and Value in the U.S. Airline Industry by David A. Carter and Daniel A. Rogers and Betty J. Simkins 299
15 Enterprise Risk Management: Theory and Practice by Brian W. Nocco and Rene M. Stulz 323
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