Hasil untuk "Risk in industry. Risk management"

Xiangfei Feng

This paper introduces the function and operation mechanism of banks in the market, mainly studies the interest rate risk and liquidity risk in the market risk, and briefly analyzes the intermediate role of market risk in relation to several major events in 2023 and recent years in the financial industry, such as the collapse of Silicon Valley bank; In addition, policy and regulatory risks are also an important part of the external risks faced by banks. Several major bank failures indirectly caused by the Fed's interest rate hike have attracted the attention of global economists. The systemic risks caused by the mutual contagion and chain reaction of these risks cannot be underestimated, and will even lead to systemic financial crisis. At the end of this paper, systemic risk and systemic financial crisis are discussed, which are closely related to the whole market environment or the life of every civilian. Therefore, it is necessary to study systemic financial risk, so as to better develop risk management plans and countermeasures.

A.K. Magnan, B.C. O'Neill, M. Garschagen

Zuzana Zemanova, Sarka Krocova, Patrik Sirotiak

Sally Priest

Juan Carlos Matallín-Sáez, Amparo Soler-Domínguez, Diego Víctor de Mingo-López

Gernot Spiegelberg

Won Seok Lee, Joonho Moon

Theo Kocken

Pension funds have gradually become institutions where various stakeholders — retirees, employers and employees — share the risks. These risk-sharing agreements imply that various complex options, with different characteristics, are ‘traded’ within the pension fund. Different stakeholders assume different kinds and levels of risk that need to be valued and managed. The approach put forward in this paper aims to make the valuation and risk characteristics of these embedded options transparent. This approach is gaining importance as the new form of risk management for pension funds. It has important applications in solvency management, merger and acquisition activities, pension fund redesign and hedging pension fund risks. The exact structure of the models and the corresponding assumptions are to a large extent omitted in the text. The underlying research in this paper and the quantitative results are based on the author's book, ‘Curious Contracts. Pension Fund Redesign for the Future’. Anyone wishing to check the results or understand the quantitative modelling of embedded options can download the text, free of charge, from www.cardano.com.

Philip Martin

Simon Gerrard, Judith Petts

Paul Slovic

In a bold and insightful speech before the National Academy of Sciences at the beginning of his second term as the administrator of the Environmental Protection Agency (EPA), William Ruckelshaus called for a governmentwide process for managing risks that involved the public. Arguing that the government must accommodate the will of the people, he quoted Thomas Jefferson's famous dictum to the effect that "if we think [the people] not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion" (Ruckelshaus 1983, p. 1028). Midway into his tenure as the EPA administrator, Ruckelshaus's experiences in attempting to implement Jefferson's philosophy led him to a more sober evaluation: "Easy for him to say. As we have seen, informing discretion about risk has itself a high risk of failure" (Ruckelshaus, 1984, p. 160). This chapter attempts to illustrate why the goal of informing the public about risk issues—which in principle seems easy to attain—is surprisingly difficult to accomplish. To be effective, risk communicators must recognize and overcome a number of obstacles that have their roots in the limitations of scientific risk assessment and the idiosyncrasies of the human mind. Doing an adequate job of communicating means finding comprehensible ways of presenting complex technical material that is clouded by uncertainty and inherently difficult to understand. Greater awareness of the nature of risk perceptions, the fundamental values and concerns that underlie those perceptions, and the difficulties of communicating about risk should enhance the chances of designing an environment in which all parties can cooperate in solving the common problems of risk management. Risk assessment is a complex discipline, not fully understood by its practitioners, much less by the lay public. At the technical level, there is still much debate over terminology and techniques, and technical limitations and disagreements among experts inevitably affect communication in the adversarial climate that surrounds many risk issues. Those conveying these issues to the public must be aware of the strengths and limits of the methods they use to generate this information. In particular, such risk communicators need to understand that risk assessments are constructed from theoretical models that are based on assumptions and subjective judgments.