Systemic Risk (2nd edition)

Systemic Risk (2nd edition)

Behavioural Risk Management

Virtually every major risk-management failure that made the headlines in recent years can be attributed to psychological pitfalls. As a result, behavioural economists are now addressing human behaviour in all economic analyses, including limited rationality, irrational choices and human biases. It is crucial that risk professionals get to grips with this hugely important area so they can address these risks in their decision making and improve risk management strategies.

Behavioural Risk Management, by Risk Books bestselling author René Doff, takes into account the latest economic insights and applies them to the day-to-day practice of managing risk. Covering the theoretical foundation as well as the practical applications, Doff acknowledges that the world around us is changing rapidly with complex and interacting developments and that this requires different tools to those that were used in the past. System analysis and scenarios are much better equipped than stochastic models to prepare the risk manager for the future.

£85.00
Availability: In stock
ISBN
9781782724230
 

Virtually every major risk-management failure that made the headlines in recent years can be attributed to psychological pitfalls. As a result, behavioural economists are now addressing human behaviour in all economic analyses, including limited rationality, irrational choices and human biases. It is crucial that risk professionals get to grips with this hugely important area so they can address these risks in their decision making and improve risk management strategies.

Behavioural Risk Management, by Risk Books bestselling author René Doff, takes into account the latest economic insights and applies them to the day-to-day practice of managing risk. Covering the theoretical foundation as well as the practical applications, Doff acknowledges that the world around us is changing rapidly with complex and interacting developments and that this requires different tools to those that were used in the past. System analysis and scenarios are much better equipped than stochastic models to prepare the risk manager for the future.

Behavioural Risk Management helps practitioners and experts to implement these latest insights in their work. It encourages the reader to develop more robust decision-making procedures and reflect on key uncertainties. This enables them to make better decisions and be prepared for unforeseen circumstances.

“Since the oil crisis in the seventies, the credit crisis a decade ago and the COVID-19 pandemic, we know that scenarios can help to identify and manage low probability / high impact risk. In this book Dr. Rene Doff combines state-of-the-art insights in the disciplines of behavioural economics and scenarios to drastically improve risk-management practices. A well-researched, and at the same time, very practical book for academics and practitioners alike.”

Paul de Ruijter, author of Scenario Based Strategy

“This is the first comprehensive book I have read that brings together very relevant risk management topics and the behaviour of decision makers. The theory comes to live in the many cases that are used throughout the book. It is written in a very accessible way and I can highly recommend it to all managers and especially risk officers who are interested in how decision making and decision makers impact the risk profile of a company.”

Pieter Emmen, CRO Nationale Nederlanden Bank

More Information
ISBN 9781782724230
Navision code MOFF
Publication date 19/6/20
Size 155mm x 235mm
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Rene Doff

René Doff is an enterprise risk management (ERM) expert. He is the Chief Risk Officer of UK P&I Club N.V. in the Netherlands, which is a specialist marine insurer. Previously, he held positions at various banks and insurance companies across Europe, including the European Insurance Federation. He chaired the first Solvency II working group in the Netherlands. In addition, René is a lecturer at Amsterdam University and Nyenrode Business University on the topic of risk management, and has published bestselling risk management books for the insurance industry, including Risk Management for Insurers, now in its third edition, and The Solvency II Handbook (second edition), both published by Risk Books. He also regularly publishes academically.

1 An Introduction to Behavioural Risk Management

2 Risk Management Context

3 Value-at-Risk as the Dominant Risk Management Tool in the Financial Industry

4 Case Studies on Risk Management Failure

5 The Role of Regulation in Risk Management

6 Advances in Behavioural Economics and Finance

7 Behavioural Issues with Probability

8 Systems Theory

9 Using Scenarios

10 Making Robust Decisions

11 Advances in the Risk Management Process

12 Behavioural Risk Management in the Financial Markets

13 Countervailing Power

14 Closing Thoughts

Appendix: Selective list of Behavioural Biases