Banks operating in the main developed countries have been exposed, since the Seventies,
to four significant drivers of change, mutually interconnected and mutually reinforcing.
The first one is a stronger integration among national financial markets (such as stock
markets and markets for interest rates and FX rates) which made it easier, for economic
shocks, to spread across national boundaries.
Auditing is a formal process for examining key issues with a view to establishing
accountabilities and securing an improved position. The pressures on all types of organizations mean that there has never been a greater need for effective
auditing. The requirement to perform, behave well and account properly for
corporate resources has meant that things cannot simply be left to chance.
Financial and insurance markets always operate under various types of uncertainties
that can affect nancial positions of companies and individuals. In nancial and
insurance theories these uncertainties are usually referred to as risks. Given certain
states of the market, and the economy in general, one can talk about risk exposure.
Any economic activities of individuals, companies and public establishments aiming
for wealth accumulation assume studying risk exposure. The sequence of the corresponding
actions over some period of time forms the process of risk management.
The risk management processes described in this book had their genesis well over 20 years ago when I accepted a position at the University of Southampton. There I met and worked with Dr Chris Chapman, already an acknowledged expert in project risk, with an established relationship with BP and an extensive client base in Canada. Chris involved me in his consulting activities in North America, primarily associated with quantitative risk analyses of large projects in the hydroelectric and the oil and gas industries....
One finds that there is a positive correlation between a country’s level of development
and insurance coverage. Developed countries tend to have better developed and well-
functioning insurance services sectors both domestically and in terms of insurance exports,
as compared to developing countries. This is perhaps most evident when one compares
the share of industrialized countries in the world insurance markets, which in 2004 stood
at 88.5 per cent as compared with 11.4 per cent for emerging markets, the majority of
which are developing countries.
This book is an anthropological study of the impact of commercialism on
the professionalisation of sports medicine. In particular, it examines how
the embodied practice of sport in a professional environment places stress
on elite sporting participants. These individuals have better medical
provisions than were available to the competitors of yesteryear. But they
come at a price. The book investigates the relationship between
commercialism, medicine and the body, in order to establish the
importance of pain, injury and risk in the contemporary sporting world....
From the privacy perspective therefore it would be a far better position for users if there were no
default settings upon sign-up. A user then would be asked via a process what their broad
preferences are with settings that reflect such broad preferences and a consequent ability for the
user to refine those settings all of which should be available from one place. This Office has no
difficulty with FB-I expressing its position as to what it believes a person should select to gain the
greatest experience from the site but we do...
In today’s litigious society Records Management is more important than ever but
unfortunately is still overlooked and under-funded at all levels of government. In court
an astute attorney can discredit an agency in the eyes of a judge or jury by attacking the
way the agency handles its records. The fact that the records may refute or support a
particular position is obscured by the attack on how the agency accounts for and
handles those records.
The “Present Your Perspective on an Issue” section of the test assesses your ability to think critically
about a topic of general interest and to clearly express your thoughts about it in writing. Each topic,
presented in quotation marks, makes a claim about an issue that test takers can discuss from various
perspectives and apply to many different situations or conditions. Your task is to present a compelling
case for your own position on the issue. The best approach to this task is read the topic carefully.
In today’s business environment, conditions remain challenging for
many, and risk retains its position high on every organization’s agenda.
Businesses themselves are changing, which brings new risk horizons and,
at the same time, they are grappling with the changes brought about by
a post-downturn economy. The ability to anticipate threats, respond and
continually adapt is as critical a part of the risk management process as it
ever has been.
Starting in the spring of 2009, a fast recovery in global equities and a rise
in house values in many economies (the euro area and Japan are exceptions)
were accompanied by a reduction in corporate bond spreads and other risk
premia (Graphs II.1 and III.2, top panels), though some risk measures have
meanwhile risen again in the context of the Greek sovereign debt crisis.
Reported VaR figures show that risk as measured by potential losses from
banks’ trading positions remains high (Graph III.2, bottom left-hand panel).
Chapter 8 uses a unique data set from the Commodity Futures Trading Commission to investigate the impact of trading by large hedge funds and commodity trading advisors (CTAs) in 13 futures markets. Regression results show there is a small but positive relationship between the trading volume of large hedge funds and CTAs and market volatility.
CHAPTER 9 Measuring the Long Volatility Strategies of Managed Futures. Certain hedge fund strategies create investment positions that resemble a long put option. Specifically, managed futures or commodity trading advisors have significant exposure to volatility events.
It is diﬃcult to discern exposures from institutions’ reported credit market posi-
tions. Indeed, common data sources such as annual reports and regulatory ﬁlings record
accounting measures on a large and diverse number of credit market instruments. Ac-
counting measures are not necessarily comparable across positions. For example, the
economic value of two loans with the same book value but diﬀerent maturities will react
quite diﬀerently to changes in interest rates. At the same time, many instruments are
close substitutes and thus entail essentially the same market risk.
Remaining Funds, which account for €147 billion of shares/units in issue, consist primarily
of mixed funds, but also include real estate and other unclassified funds. This category has
performed positively in Q1 2012, second only to equity funds in terms of revaluations, with
asset growth of €8.9 billion or 6.4 per cent. Remaining funds were the strongest performing
category in Q4 2011, and despite a continued resilient performance, the category attracted
negligible net new investment of €0.1 billion.
Responsibilities must be clearly assigned to individual persons and/or com-
mittees. In addition, the relevant units must be functionally independent to
avoid potential conﬂ icts of interests.
Senior management should ensure that
adequate interest rate risk management is in place for measuring, monitoring
and controlling interest rate risks, and that all the relevant business units of
the bank have been taken on board.
Brewer, Minton, and Moser (2000), we evaluate an equation relating the determinants of C&I
lending and the impact of derivatives on C&I lending activity. The major finding in this
study is that the interest-rate derivatives allow commercial banks to lessen their systematic
exposure to changes in interest rates, which enables banks to increase their lending activities
without increasing the total risk level faced by the banks. This consequently increases the
banks’ abilities to provide more intermediation services.
Communication and service delivery go hand in hand. People will not be able to use repro-
ductive health services unless they know about them. Once people are motivated to
improve their reproductive health, by using family planning methods, for example, they
need information and counseling about appropriate methods, correct use, side effects, and
the concerns that most people have about adopting new practices.
As service providers and communicators reach out more to men and their partners, they
must learn more about their clients’ information needs and how to provide counseling for
Today, many people believe that as long as a person has strong technical skills,
demonstrated a certain amount of aggressiveness and enthusiasm, and has worked on
several project teams, he or she could be given the role of project manager. However,
project managers can no longer depend on their positions or their own personal initiative
to accomplish a goal because most projects managed today are from a matrix
organization, in which project managers do not have complete authority over team