A Comprehensive Guide to Credit Risk Management
The Handbook of Credit Risk Management presents a comprehensive overview of the practice of credit risk management for a large institution. It is a guide for professionals and students wanting a deeper understanding of how to manage credit exposures. The Handbook provides a detailed roadmap for managing beyond the financial analysis of individual transactions and counterparties. Written in a straightforward and accessible style, the authors outline how to manage a portfolio of credit exposures–from origination and assessment of credit fundamentals to hedging and pricing. The Handbook is relevant for corporations, pension funds, endowments, asset managers, banks and insurance companies alike.
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As financial transactions grow more complex, proactive management of credit portfolios is no longer optional for an institution, but a matter of survival.
With the economic fallout from the financial crisis, beginning in the late 2000s, it has become more crucial than ever for risk managers to have a clear understanding of sound credit risk management principles and processes.
The Handbook of Credit Risk Management presents a comprehensive overview of the practice of credit risk management (CRM) for large institutions. In this hands-on resource, Sylvain Bouteillé and Diane Coogan-Pushner—noted experts on the topic of financial risk management—offer a comprehensive framework and solutions helpful not just for financial institutions, pension funds, or other institutions with large invested asset portfolios, but also for non-financial corporations or any organization having critical customer, supplier, banking, or counterparty relationships.
The Handbook is written in a straightforward, accessible style and presented in a logical format that is consistent with a commonly employed risk management framework. This reliable resource offers a holistic treatment of CRM and includes a checklist of nine key questions that must be answered before accepting any transaction generating credit risk. In addition, the authors outline the four sequential steps to the management of credit risk—origination, credit assessment, portfolio management, and mitigation and transfer—and show how these steps must interact to protect an organization’s balance sheet.
Comprehensive in scope, this book covers a wealth of topics including fundamental and alternative credit analysis, securitization, credit portfolio management, economic capital, credit insurance, surety bonds, letters of credit, credit risk measurement, credit derivatives, and much more.
The Handbook of Credit Risk Management is an indispensable resource for risk managers wanting to strengthen their skills with tangible, real-world applications of credit risk management, which their organizations can readily implement.
Praise for The Handbook of Credit Risk Management
“Bouteillé and Coogan-Pushner successfully capture the basics of credit risk with this straightforward, easy-to-read script providing a comprehensive overview of credit instruments and modern risk practices. A recommended study for those focused upon learning the nuts and bolts of credit risk management.”
—Loretta M. Hennessey, President, L. Hennessey Associates LLC, and first chair, International Association of Credit Portfolio Managers (IACPM)
The ongoing financial crisis reminds us of the relevance of sound credit risk management principles and processes. The worldwide economic downturn serves as a powerful wake-up call for company executives and financial institutions across the globe. Even simple financial transactions performed on a daily basis can create heavy losses and jeopardize the very existence of a firm.
Written for any professional involved in credit risk, The Handbook of Credit Risk Management offers a comprehensive treatment of the essential elements that define the process and principles of credit risk management. The fundamental approach of this book is that credit risk management is more than the art of assessing single name counterparties and individual transactions. In this important resource, Sylvain Bouteillé and Diane Coogan-Pushner present a comprehensive framework centered around four sequential steps: origination, credit risk assessment, portfolio management, and mitigation and transfer.
Understanding credit risk management as a discipline is more important than ever before. With this book as your guide, you’ll gain valuable insights into its various aspects and how to apply this framework in real-world situations.
About the Authors
Sylvain Bouteillé is Head Key Account Management and a member of the management team of the North American division of Swiss Re Corporate Solutions. In 1996, he joined Swiss Re in Zurich, Switzerland, in the newly created credit risk management division. In 1998, Bouteillé moved to New York where, as U.S. Head of Credit Risk Management, he was responsible for credit risk aspects of all insurance and capital markets transactions. In 2003, he became U.S. Head of Structured Credit Underwriting, where he originated and structured credit derivatives and financial guaranty reinsurance transactions. Since 2008, Bouteillé has been working with risk managers of Fortune 500 companies to develop traditional and non-standard insurance solutions. Bouteillé holds an MS in civil engineering from ENTPE (France) and an MBA from INSEAD (France).
Diane Coogan-Pushner is Distinguished Lecturer and Director of the Graduate Program in Risk Management at Queens College, City University of New York. She began her career in financial services at the World Bank and held increasingly senior positions in finance and strategy at AT&T and PricewaterhouseCoopers. Coogan-Pushner moved to Swiss Re, and as Managing Director, originated and structured reinsurance transactions and other risk transfer solutions for insurance clients. Other credits include roles as a portfolio manager for a hedge fund and for a private equity fund both dedicated to financial services. She has served as a director for an insurer and as a member of S&P’s Insurance Ratings Advisory Council, and consults to financial institutions in their asset management strategy. She received her PhD in economics from Boston University in 1992 and is a CFA charterholder.
What Other People are Saying:
By Shweta Raizada on November 11, 2013
Easy to comprehend, the content is logically structured to explain various facets of credit risk management that are broadly applicable in various disciplines. It provides practical context of credit risk fundamentals as well as skills and tools required to build careers in this field.
Engaging, insightful and thought provoking, it has a lot of examples on how to apply theoretical frameworks in real world situations.
By Amit Kumar on April 26, 2013
Its a good book to help understand the Credit Risk in a very simple and illustrative manner, as well as It signifies the importance of credit risk management for each and every organisation.
By David Christiansen on February 12, 2013
This book should be on the desk of every person with a credit-related job. The level of detail is terrific and the readability is outstanding.
By Esther Flury on February 8, 2013
The Handbook of CRM is a great book that I highly recommend to professionals and students anxious to learn more about Credit Risk Management. It is organized into 18 chapters describing the fundamental way to handle credit exposures in a large organization. One can learn about things to pay attention to when entering into new transactions, how to analyze credit risk, how to manage a portfolio and techniques to mitigate credit risk if and when necessary. The book follows a logical order which is easy to follow. It is not too technical and you do not need to have previous knowledge of the subject to understand the main messages. It is very practical and illustrated with many examples which help understand what the authors explain. I am glad I finally found a book about Credit Risk Management from which I could learn. A real success.
By Benjamin J. Rodkin on April 19, 2013
This book is well written and easy to understand even for lay people without much knowledge of finance. After reading this book, one should have a solid qualitative understanding of credit risk management. The reader is given a broad overview of credit risk and analysis as well as of financial instruments like CDOs, CLOs, and Mortgage Backed Securities. For anyone trying to understand modern financial instruments and practices, this book is a must have.
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