The Fundamental Rules of Risk Management

Lewis, a managing director for a company, and presenter and speaker on risk, presents an enlarged, revised, and updated edition of all his previous work on risk management. He discusses its behavioral foundations, the historical and contemporary contexts for principles surrounding behavioral biases that induce risk, the fallacy of the wisdom of experts, why regulators should not be relied on, the characteristics of the "glad game," how high intelligence or lack thereof can contribute to risk, and the weaknesses and failures of modern risk management, including common perceptions of risk managers and the redundancy of financial risk management. He traces the link between corporate governance and risk management and considers the lessons surrounding the role of risk managers; integrated, single lens analysis of risk; spreadsheet risk management; aspects of vendor selection issues; and value at risk. Annotation 穢2012 Book News, Inc., Portland, OR (booknews.com)