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Risk is the lifeblood of a corporation. Businesses spends trillions of dollars each year to address their risk exposures. It provides the opportunity to turn a profit, but raises the specter of ruin. Managers often tackle risk head-on wherever it appears. How can the management of this myriad of risks be brought into some common framework for consistency and efficiency? Shimpi shows how the most important step managers within an organization can take is to adopt the same framework that embraces a common view of risk. The framework Shimpi reveals should allow each manager to express the risks he or she faces and its consequences to the whole firm. It allows a bottom-up assessment of risk that results in a corporate-wide risk management perspective. The major objective of this book is to help managers understand emerging risk management techniques in a constantly changing business landscape. Features examples and case studies thoroughout.
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Integrating Corporate Risk Management, by Prakash Shimpi and several colleagues at the Swiss Reinsurance Company, is a decidedly forward-thinking and practical resource for any manager seeking innovative ways to boost shareholder return. Based on the increasingly harmonious relationship between corporate finance, risk management, and insurance, it shows how concepts from each discipline can be effectively combined for superior overall results. The first section explains why a solid risk-management strategy is critical to earnings growth and corporate reputation--"because it reduces a firm's chances of experiencing financial distress and shields it against events that might thwart or distort its agenda"--and how a tightly coordinated effort can produce maximum payoff with minimal cost. The second section lays out specific products and procedures from both the insurance and capital markets (such as double-trigger options and credit derivatives) that, taken together, provide "a formidable addition to the conventional techniques currently employed." The final part looks at future prospects and challenges in the U.S., Europe, and Asia, and ways that companies can prepare for this new environment. In all, the total presents a surprisingly accessible framework that could certainly help committed readers decrease their corporate risk and increase their bottom line. --Howard RothmanAbout the Author:
Prakash A. Shimpi has an extraordinarily wide and deep experience in financial and capital markets. He is Managing Principal (U.S.) for Swiss Re New Markets. Swiss re is a leading reinsurance firn with a worldwide reputation for innovation in financial techniques and imstruments. Before joining Swiss Re in 1995, Shimpi wass managing director of the Global Insurance Corporate Finance Division of Chase Manhattan bank. Previously, he had been vice president and manager of the Insurance Portfolio Strategies Group at Drexel Burnham Lambert.
Shimpi earned his bachelor and master degrees from the London School of Economics and Political Science and an MBA in finance and international business from the University of Chicago. he is a fellow of the Society of Actuaries and a charted financial analyst.
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