Risk in a Real-Time World

摘要

The world is getting riskier. Not only has geopolitical strife changed compliance risk, but new trading, governance and capital-allocation mechanisms are changing traditional risk measures as well. Not long ago, risk management was applied only to market risk. Firms analyzed convexity, duration, VaR and the greeks to determine how financial products behaved in relation to the market, to changes in interest rates, or to random global financial market shocks. From market risk, the industry moved to credit risk, and now firms are stretching these models again to manage operational risk.