The Essentials of Risk Management, Second Edition

By: Michel Crouhy, Dan Galai, Robert Mark

Narrated by: Walter Dixon

Length: 21 hrs and 32 mins

Publisher's summary

Created for risk professionals and non-risk professionals alike, this easy-to-understand guide helps you meet the increasingly insistent demand to make sophisticated assessments of companies' risk exposure. It provides the latest methods for:

• Measuring and transferring credit risk
• Increasing risk-management transparency
• Implementing an organization-wide Enterprise Risk Management (ERM) approach

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2014 McGraw-Hill Education (P)2018 Gildan Media

PDF

How do you access the PDF? I checked my Audible Library and the PDF is not there.

Broad, deep, thorough, insightful tour

The book focuses most on financial services firms, but spends plenty of time on generic corporate / firm risks. Risks are sliced and diced in various ways, starting with a simple triad of market risk, credit risk, and operational risk, and breaking out into various classifications from there.

My financial (products and services) knowledge (both in terms of vocabulary and understanding of methods, tools and operations) is vastly greater for having listened. Having read many financial services books and histories, here I feel it all gelled, to where I can understand enterprise-wide how a bank navigates its environments and manages its units and products. Here also my understanding of financial regulations and regulators, their aims and parts, seems to have hit a point of fluency. Financial instruments are much better understood (for their upsides and downsides) when held up to this prism of risks. The costs and benefits of insurance and of various hedges are intelligently approached. This book ties together a lot of themes, histories and terms I haven't seen elsewhere (with this depth and thoroughness) in one place. It gives an English-language walk-through of what might otherwise, if too math-confined, cause many a manager to glaze over.

Risk reminds me of the old apocryphal story of Eskimos (as they used to be called) having a vast number of names for snow. Risk is multi-hued, nuanced, and everywhere. This book goes through more variants of it (with names for each) than I've seen anywhere.

Another reviewer noted the absence of a supplemental file, and the book does refer fairly frequently to charts and tables and such. I have a print copy of this book, and can refer to these materials. However, I do the vast majority of my listening to this book while hiking outdoors, and I find the flow of descriptions adequate for me, without the supplemental materials at hand. That said, this omission of a pdf will be significant for many readers. It is a bad oversight. If I needed to use and recognize these charts and tables at work, I would want to see them and get accustomed to them. But it is such a good book, I still rate it highly.

Extremly valuable and eye opening work!

Very informative book that covers the concepts of risk management mainly in the banking industry. It teaches a lot about financial instruments that are used to make or break a financial institution. The information is dense so you might want to listen to it more than once. Great educational listen!

Not for beginners or dabblers

This book was not what I expected; I quit listening around 12 hours in. While the book purports to be for non-risk professionals, it is aimed at an audience with significant knowledge in the field. For instance, jargon is frequently used without any explanation of what the words mean until hours later. From a competency perspective, this is aimed at professionals in the area of finance or perhaps those who have taken relevant college-level courses. Thus if you don't have this prior knowledge, make a different purchase first.

What's more, the book indicated that it was about risk management, but seemed to be focused almost entirely on the financial industry. For anyone not in the financial industry or looking to enter it, this book will add little of value.