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Risk Management: An Introduction
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We live in a world of risk. Some risks are totally unexpected. The September 11, 2001 World Trade Centre attacks in the US, the Tsunami of December 2004, Hurricane Katrina of August 2005, and the Mumbai terrorist strikes of November 2008 are good examples. Other risks can be identified but the magnitude and extent are difficult to estimate. The sub prime crisis is a good example. Not all risks are so unpredictable or unexpected or difficult to estimate. By closely monitoring the business environment and streamlining internal systems and processes, companies can anticipate the risks associated with changing technology, changing customer tastes, changing interest and currency rates, changing competitive conditions, etc. This book provides a conceptual framework for dealing with some of these risks in a systematic and coordinated way across an organization. To keep the scope of the book manageable, the focus will be on financial risks. Other risks will be considered in passing.