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Quantitative Methods in Finance
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Financial risk management is a new quantitative discipline. Its development began during
the 1970s, spurred on by the first Basel Accord, between the G10 countries, which covered
the regulation of banking risk. Over the past 30 years banks have begun to understand the
risks they take, and substantial progress has been made, particularly in the area of market
risks. Here the availability of market data and the incentive to reduce regulatory capital
charges through proper assessment of risks has provided a catalyst to the development of
market risk management software. Nowadays this software is used not only by banks, but
also by asset managers, hedge funds, insurance firms and corporate treasurers.
Understanding market risk is the first step towards managing market risk. Yet, despite
the progress that has been made over the last 30 years, there is still a long way to go
before even the major banks and other large financial institutions will really know their
risks. At the time of writing there is a substantial barrier to progress in the profession, which
is the refusal by many to acknowledge just how mathematical a subject risk management
really is.
Carol Alexander - Personal Name
978-0-470-99800-7
NONE
Quantitative Methods in Finance
Management
English
John Wiley & Sons Ltd,
2008
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