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Integrated Risk Management

Risk is implied by the inability to predict the future, and nowhere is this truer than in the corporate and financial arenas of the early 21st century. Corporations are finding that, by integrating the tools and techniques of the two interrelated industries of finance and insurance, they can greatly increase the value and utility of their risk management programs satisfying management, shareholders, regulators, and others who have a stake in the long-term performance of the firm.

Integrated Risk Management clears up many of the misconceptions concerning today's most popular financial risk tools and techniques, and describes how financial managers can blend them into a specific yet adaptable program for managing risk. It begins by introducing the underlying disciplines economics, statistics, and finance that define and make risk management possible. Included in this discussion are an examination of capital market theory and the usefulness of the capital asset pricing model; an introduction to derivatives and options including forwards, futures, and swaps; and an understanding of the properties of a corporation's risk exposures that are essential to the formation of proper risk management strategy.

Having introduced these products and disciplines, Integrated Risk Management then uses these properties and products to derive a set of insurance or hedging strategies designed to tackle a corporation's most complex corporate risk management decisions. These strategies include:

• Generic techniques to ensure that random events don't exhaust the firm's financial resources and prevent it from pursuing optimal investment decisions

• Postloss investment decisions identifying and measuring lost value, funding investments through debt and equity after a loss occurs, and remaining creditworthy after a catastrophic loss

• Leverage management simple and contingent leverage strategies, along with hedging strategies from simple hedges to multivariate basket strategies

• Limited liability Financial versus social implications of limiting liability through insurance and spin-offs, and its efficiency (or lack thereof) as a compensation tool

• AppendicesDetailed examinations and amplifications of subjects covered, clarifying specific points and magnifying issues of particular importance

For much of the 20th century, corporate managers alleviated the unknown outcomes of insurable risks by simply insuring them. Today's advent of myriad derivative and financial engineering vehicles has made the management of all types of risk infinitely more complex. As the first comprehensive book to explore the practice of integrating insurance and financial instruments, Integrated Risk Management will show you how to control the cost-thereby increasing the value and effectiveness of corporate risk management.

About the Author

Neil A. Doherty, Ph.D., is the Ronald A. Rosenfeld Professor of Insurance and Risk Management at the Wharton School of Business. Previously, Dr. Doherty was an economic advisor in the Government Economic Service of the U.K. He has also been a consultant to major global corporations including Amerco, Dow Chemical, Sears Roebuck, British Petroleum, Merck, GTE, CIGNA, and U.P.S.

646 pages