Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk, 2nd Edition

Acknowledgments

The views expressed in this book are my own, but have been shaped by my experiences in the financial industry. Many of my conclusions about what constitutes best practice in risk management have been based on my observation of and participation in the development of the risk management structure at JPMorgan Chase and its Chemical Bank and Chase Manhattan Bank predecessors.

The greatest influence on my overall view of how financial risk management should be conducted and on many of the specific approaches I advocate has been Lesley Daniels Webster. My close collaboration with Lesley took place over a period of 20 years, during the last 10 of which I reported to her in her position as director of market risk management. I wish to express my appreciation of Lesley's leadership, along with that of Marc Shapiro, Suzanne Hammett, Blythe Masters, and Andy Threadgold, for having established the standards of integrity, openness, thoroughness, and intellectual rigor that have been the hallmarks of this risk management structure.

Throughout most of the period in which I have been involved in these pursuits, Don Layton was the head of trading activities with which we interacted. His recognition of the importance of the risk management function and strong support for a close partnership between risk management and trading and the freedom of communication and information sharing were vital to the development of these best practices.

Through the years, my ideas have benefited ...