Managing Credit Risk: The Next Great Financial Challenge (Frontiers in Finance Series)
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In Managing Credit Risk, three highly regarded professionals in the field have-for the first time-gathered state-of-the-art information on the tools, techniques, and vehicles available today for managing credit risk. Throughout the book they emphasize the actual practice of managing credit risk, and draw on the experience of leading experts who have successfully implemented credit risk solutions. Starting with a lucid analysis of recent sweeping changes in the U. By carefully delineating the different perspectives of each of these groups with respect to credit risk, this unique resource offers a comprehensive guide to the rapidly changing marketplace for credit products.
Managing Credit Risk describes all the major credit risk management tools with regard to their strengths and weaknesses, their fitness to specific financial situations, and their effectiveness. The instruments covered in each of these detailed sections include: There is an important analysis of default results on corporate bonds and loans, and credit rating migration.
In all cases, the authors emphasize that success will go to those firms that employ the right tools and create the right kind of risk culture within their organizations. A strong concluding chapter integrates emerging trends in the financial markets with the new methods in the context of the overall credit environment. Concise, authoritative, and lucidly written, Managing Credit Risk is essential reading for bankers, regulators, and financial market professionals who face the great new challenges-and promising rewards-of credit risk management.
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Managing Credit Risk: The Next Great Financial Challenge
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The authors make for a particularly impressive team of credit risk experts and Professor Altman in particular is a global authority on the subject. The book does not disappoint, and provides a first-rate overview of the field as it is currently emerging.
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Of particular interest to this reviewer were the chapters on the new credit risk models such as CreditMetrics, KMV and their brethren. There are also some informative chapters on default and recovery analysis and credit migration.
However, like so many financial books on the market these days, there is little guidance on the practical implementation of the various approaches described in the text. Overall, "Managing Credit Risk" is a very useful work but for this kind of money I would have expected more than just a foot in the door! One person found this helpful. Joe Morrison morrison ix. Managing Credit Risk is an outstanding work of scholarship and a truly fabulous book.
As a working credit analyst in the field the authors characterize as "classic credit analysis," I felt the need to become conversant with the various quantitative approaches to managing credit risk, especially since the ultimate goal of the quantitative modelers is to put me out of work. The book served my needs precisely, by introducing all of the relevant models in a concise format with easy-to-understand commentary on the strengths and weaknesses of the models.
The clear, qualitative, conceptual explanations are supported by quantitative examples sufficient to satisfy most numerically minded readers, but even those who shy away from numbers will find the quantitative examples easy to follow. The book has served me very well by enabling me to discuss the assessment and deployment of quantitative models on an even footing with professional risk managers and the rocket scientists who are engaged in developing these models. Although finance professionals obviously will find the book of great value, I also believe that readers who enjoyed Peter Bernstein's Against the Gods will find that Managing Credit Risk provides a concrete account of the current state of humanity's struggle to understand and control risk.
This is a good book for those who want to have quick and easy introduction to credit risk measurement and management.
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It not only introduce different theories of credit risk approaches but simplifies many concepts that are being used as buzz words on resumes. Best part is it is written in simple format that can let reader read from cover to cover.
Hope this review helps.