Introduction

Why a New Book on Financial Risk Management?

There are lots of books on financial risk management—why the need for this one? It is a very fair question. The reason we are writing this book is that we believe there is a need for a book on financial risk management for the rest of us; those of us who are not quantitative geeks, those of us who do not want to wade through a large number of formulas, those of us who do not want to deal with abstractions that take away from the real-world applicability of much of the world of risk management. In other words, a concise, yet thorough book on what one needs to know to be effective (rather than just knowledgeable) about risk management.

Financial risk management is managing the volatility ...

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