Asset and Risk Management Risk Oriented Finance
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Asset and Risk Management Risk Oriented Finance
Louis Esch, Robert Kieffer and Thierry Lopez
C. Berbé, P. Damel, M. Debay, J.-F. Hannosset
Introduction
The financial world of today has three main aspects:
• An insurance market that is tense, mainly because of the events of 11 September 2001
and the claims that followed them.
• Pressure of regulations, which are compelling the banks to quantify and reduce the
risks hitherto not considered particular to banks (that is, operational risks).
• A prolonged financial crisis together with a crisis of confidence, which is pressurising
the financial institutions to manage their costs ever more carefully.
Against this background, the risk management function is becoming more and more
important in the finance sector as a whole, increasing the scope of its skills and giving
the decision-makers a contribution that is mostly strategic in nature. The most notable
result of this is that the perception of cost is currently geared towards the creation of
value, while as recently as five years ago, shareholders’ perceptions were too heavily
weighted in the direction of the ‘cost of doing business’.
It is these subjects that we propose to develop in the first two chapters.
Louis Esch, Robert Kieffer and Thierry Lopez
C. Berbé, P. Damel, M. Debay, J.-F. Hannosset
Introduction
The financial world of today has three main aspects:
• An insurance market that is tense, mainly because of the events of 11 September 2001
and the claims that followed them.
• Pressure of regulations, which are compelling the banks to quantify and reduce the
risks hitherto not considered particular to banks (that is, operational risks).
• A prolonged financial crisis together with a crisis of confidence, which is pressurising
the financial institutions to manage their costs ever more carefully.
Against this background, the risk management function is becoming more and more
important in the finance sector as a whole, increasing the scope of its skills and giving
the decision-makers a contribution that is mostly strategic in nature. The most notable
result of this is that the perception of cost is currently geared towards the creation of
value, while as recently as five years ago, shareholders’ perceptions were too heavily
weighted in the direction of the ‘cost of doing business’.
It is these subjects that we propose to develop in the first two chapters.
