Editor Patricia Jackson of EY is the Head of Financial Regulatory Advice for Europe, the Middle East, India and Africa. With over 25 years of experience in the banking and regulation sectors, as well as with the Bank of England, Patricia is uniquely qualified to lead this project on the subject of risk culture and governance.

Click here to hear Patricia's answers to some key questions on risk culture.

After the financial crisis, banks and insurance companies were forced to get to grips with the ecosystem that had led to huge, and endemic, losses. Attention on this issue has intensified due to the exposure of high-profile conduct issues such as the LIBOR scandal. Developing and instilling an effective and measurable risk culture has emerged as a key issue for senior management and the board. Boards and regulators must focus on how firms can assess risk culture and achieve the desired philosophy throughout an international organisation.

“The editor, Patricia Jackson, who has wide experience in the risk management field, has brought together an impressive array of authors to look at the nexus of factors which influence risk culture and at ways that an organisation can go about strengthening culture.”
Sir David Walker

Written by insurers for insurers, The Solvency II Handbook: Practical Approaches to Implementation is a hugely important text for all practitioners in the field, as well as consultants and students. Focusing on implementation and the challenges, it'll help you to solve practical problems in your day to day job saving you time and costly mistakes.

As the title suggests this book focuses on the practical side of Solvency II and the actual implementation. The original best-selling Solvency II Handbook, published in 2009, focused on the theory with a detailed examination of the main requirements and impacts of Solvency II to insurers and reinsurers. Both books complement each other and should be read by anyone dealing with Solvency II in any capacity. Read more about the original Solvency II Handbook here.

Building on the solid foundation of the previous bestselling editions, this significantly extended fifth edition of Portfolio Construction and Risk Budgeting updates content and incorporates a more practical approach than previous editions.

Bernd Scherer provides a critical review of a range of portfolio management techniques highlighting strengths, weaknesses and how to implement quantitatively-driven portfolio construction.

Get the introduction as a PDF here

Operational Risk Capital Models is a guide for the implementation of state of the art operational risk capital models suitable for regulatory approval.

For insurers, Solvency II implementation has created the need, in both highly developed and less developed markets, for the development of these models that help to better understand risks, safe capital and compliance. For the banking industry, regulators in many countries in Africa, Asia and Latin America (as well as Europe) are pressing their local banks to implement advanced operational risk capital models. Banks that have made early implementation are looking to improve their capital models with new advances to match the increasing regulatory requirements.

Take a detailed look at what this book covers here with the Introduction from Rafael Cavestany.

"I found the quantitative methods presented in “Operational Risk Capital Models” to be not only rigorous, but also understandable and actually useable and useful, which can be said of shockingly few books treating operational risk. Amidst a wasteland of operational risk management pie charts and unactionable and subjective heat maps, books like this are an oasis of practical, applied solutions for capital estimation and stress testing. If your objective is to directly and measurably mitigate and manage operational risk using scientifically defensible, objective methodology, as opposed to red-amber-green traffic ‘analyses,’ the methods herein are the kind you need."

J.D. Opdyke, author of multiple Journal of Operational Risk papers and winner of OR&R’s “Operational Risk Paper of the Year” Award in 2012 and 2015.

Behavioural risk management studies the psychology of financial decision-making. Interest in behavioural risk has been growing specifically because investors rarely behave according to the assumptions made in traditional financial theory. Risk behaviour is a huge issue in finance and examples of this risk type can be found in the news on a near-daily basis.

From Mark Carney’s proposal to put a proportion of bankers' salaries at risk in case of misconduct, to the FX rigging scandal and payment protection insurance corruption revealed at Lloyds, focus on and interest in risk behaviour is growing exponentially. Investment professionals can no longer afford to ignore or fail to grasp the psychological motivations which can drive high-risk decision-making. People in the industry are realising that there is a benefit to understanding people, their emotions and their behaviour because it impacts every aspect of business.

In the aftermath of the global financial crisis of 2007-09, global macro was one of the few investment strategies that delivered positive returns. Since then global markets have been driven almost solely by macroeconomic decision making; more so than at any time in recent years.

Global Macro: Theory and Practice, edited by industry expert Andrew Rozanov, is the first comprehensive handbook and authoritative guide focusing exclusively on global macro strategies, designed for use by investment professionals involved in constructing and managing institutional portfolios.

"Global Macro: Theory and Practice is an important primer for institutions seeking to understand macro from two sides of the looking glass: the view of practitioners like myself and the view of investors. The broad range of topics covered – discretionary versus systematic approaches, the role of risk management in macro, the role of policy analysis and prediction in macro, among others — will draw institutional investors into the stimulating world I have lived and breathed for three decades."
– PAUL TUDOR JONES II, Co-Chairman and Chief Investment Officer, Tudor Investment Corporation

A practical guide for all insurance risk professionals, the book includes details of the latest practices in insurance-linked investment, developed since the publication of the first edition. Covering topics such as side pockets, industry loss warranties, fronting, side cars and portfolio optimisation, Alternative (Re)insurance Strategies: Second Edition encapsulates the growth and innovations in this ever popular market.

This is the survival guide for trading in a world where high-frequency trading predominates in markets, accounting for upwards of 60% of trading in equities and futures, and 40% in foreign exchange. High-frequency trading is the subject of extensive debate, particularly as to whether it is beneficial for traders and markets or instead allows some traders to benefit at others expense. This book provides you with an important overview and perspective on this area, with a particular focus on how low-frequency traders and asset managers can survive in the high frequency world.

“The concept of high-frequency trading too often evinces irrational fears and opposition.  This book, by experts in the field, unveils the mysteries, records the facts and sets out the real pros and cons of such mechanisms.”

Charles Goodhart, Fellow of the British Academy, and Emeritus Professor at the London School of Economics.

Following the global financial crisis, the Comprehensive Capital Analysis Review – CCAR – has emerged in the US as the most dominant regulatory regime to face banks in recent years: banks must be able to prove to regulators that they have sufficient capital to weather a severe economic downturn.

CCAR and Beyond is the first authoritative reference guide to CCAR, providing a complete introduction and analysis of the regulation from origins to implementation. Read the introduction to this handbook here.

With extensive experience advising CCAR banks on modelling issues, Jing Zhang brings together a cross-section of views from those directly involved in the regulation and implementation of these assessments and stress tests. CCAR and Beyond clarifies the various methodologies and techniques to approaching CCAR assessments, providing unique insight into this seminal regulation.

Editor Patricia Jackson of EY is the Head of Financial Regulatory Advice for Europe, the Middle East, India and Africa. With over 25 years of experience in the banking and regulation sectors, as well as with the Bank of England, Patricia is uniquely qualified to lead this project on the subject of risk culture and governance.

Click here to hear Patricia's answers to some key questions on risk culture.

After the financial crisis, banks and insurance companies were forced to get to grips with the ecosystem that had led to huge, and endemic, losses. Attention on this issue has intensified due to the exposure of high-profile conduct issues such as the LIBOR scandal. Developing and instilling an effective and measurable risk culture has emerged as a key issue for senior management and the board. Boards and regulators must focus on how firms can assess risk culture and achieve the desired philosophy throughout an international organisation.

“The editor, Patricia Jackson, who has wide experience in the risk management field, has brought together an impressive array of authors to look at the nexus of factors which influence risk culture and at ways that an organisation can go about strengthening culture.”
Sir David Walker