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Risk Accounting and Risk Management for Accountants - Dimitris N. Chorafas

Risk Accounting and Risk Management for Accountants

Paperback Published: 30th July 2007
ISBN: 9780750684224
Number Of Pages: 312

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Both Accountants and Auditors are confronted daily with challenges associated with the evaluation of credit risk, market risk, and other exposures. The book provides up-to-date information on the most significant developments in risk management policies and practices.
Accountants whose work under International Financial Reporting Standards increasingly involves risk control in their job will find this book of practical value with the inclusion of material on "how to" successfully design, implementation and use risk control measures.
Designed specifically for accountants the book starts with the fundamental factors underpinning risk: volatility and uncertainty, and then shows how and why accounting, auditing, and risk control correlate. The themes covered in the book include: credit risk, market risk, liquidity risk, investment risk, and event risk.


* This practical handbook, complete with case studies is specifically aimed at accountants.
* comprehensive information on how to develop, implement and use a risk management system
* Covers credit risk, market risk, liquidity risk, investment risk, event risk.

Prefacep. ix
Risk and the Accounting Professionp. 1
Volatility, Uncertainty and Non-traditional Risksp. 3
Risk definedp. 5
Non-traditional risksp. 7
Volatility patternsp. 11
Financial derivativesp. 14
Risk is a costp. 17
The science of risk managementp. 19
Risk Management and the Accountantp. 23
Beyond classical accountingp. 25
Thinking out of the boxp. 27
Case studies: GE and Amaranthp. 30
Newton's principles in analyticsp. 32
A risk protection strategyp. 34
Pareto's law in management accountingp. 37
Using the cash account for risk controlp. 40
Duties and Responsibilities in Risk Accountingp. 43
The accountant's mission in risk controlp. 45
Creative accountingp. 47
Business riskp. 51
Business risk factors: an examplep. 54
Monitoring assets and liabilitiesp. 57
IFRS, accounting standards and transparencyp. 61
Personal accountabilityp. 64
Accounting for Total Exposure: A Case Studyp. 67
Understanding total exposurep. 69
A real-life case study on total counterparty riskp. 73
Understanding where the risks really liep. 75
Correlation coefficientsp. 78
Correlations are specific to the institutionp. 82
Confidence intervalsp. 84
Dynamic financial analysisp. 90
Risks to be Kept Under Close Watchp. 93
Credit Riskp. 95
Credit risk definedp. 97
Counterparty riskp. 100
Counterparty risk with hedge funds: a case studyp. 103
Credit policyp. 106
Corporate lending and collateralp. 110
Credit and other limitsp. 113
Stress tests for credit riskp. 116
SPD, SLGD, SEADp. 118
Credit Risk Mitigationp. 123
Concepts underpinning credit risk transferp. 125
For and against credit derivativesp. 128
Exposure associated with credit risk transferp. 130
Collateralized debt obligationsp. 133
Credit default swapsp. 137
The market for credit derivatives and its liquidityp. 140
Market Riskp. 145
Market risk definedp. 147
Trading book riskp. 149
Challenges to valuation of the trading bookp. 153
Interest rate risk and organizational riskp. 156
Interest rate risk and foreign exchange riskp. 159
Stress tests for market riskp. 162
Position Riskp. 165
Position risk definedp. 167
Credit risk concentrationp. 169
Market risk concentrationp. 172
Position risk with debt instrumentsp. 174
Position risk with equitiesp. 177
Risk appetitep. 181
Risk of ruinp. 184
Beyond Credit Risk and Market Riskp. 189
Liquidity riskp. 191
Event riskp. 194
Legal riskp. 196
Longevity risk: a case studyp. 200
Payments riskp. 203
Risk must be controlled intra-dayp. 205
Risk, Regulation and Management Controlp. 211
Basel II and the Accountantp. 213
The Basel II frameworkp. 215
Competitive impact of Basel IIp. 217
Accounting-based indicatorsp. 220
Tier-1, Tier-2, Tier-3 capital and the hybridsp. 223
The high risk of too little capital: a lesson from QIS 4 and QIS 5p. 227
Innovation in risk management: market discipline and operational riskp. 232
Return on investment from Basel II would be better governancep. 236
Risk-based Pricingp. 241
Counting the oddsp. 243
Primary and consequential risksp. 245
Pricing riskp. 248
Mispricing credit riskp. 250
Marking to marketp. 254
Marking to modelp. 256
Beyond valuation modelsp. 258
Board of Directors and Risk Managementp. 263
Risk control requires unconventional thinkingp. 265
The board's responsibilities in macroeconomicsp. 268
A devil's advocate in risk managementp. 272
Risk management is like pre-trial preparationp. 275
Helping board members to understand risk and returnp. 278
The risk management committee of the boardp. 281
The board's responsibility for reputational riskp. 284
Indexp. 289
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780750684224
ISBN-10: 0750684224
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 312
Published: 30th July 2007
Publisher: Elsevier Science & Technology
Country of Publication: GB
Dimensions (cm): 23.4 x 16.5  x 2.54
Weight (kg): 0.49

Earn 167 Qantas Points
on this Book