I think that the concept of the Crouhy, Galai, and Mark book, The Essentials of Risk Management, Second Edition, is brilliant. In my career as an academic and in investment management, I found that there is too large a separation between the technocrats who build risk-management models and systems and those who should be using them. In addition, the model builders seem to me to be too far from economics, understanding what risk management can and cannot do and how to structure the risk management problem. Crouhy, Galai, and Mark bridge that gap. They bring the academic research together with applications and implementation. If risk-management model builders come to appreciate the economics underlying the models, they would be better ...

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