IT risk management

About: IT risk management is a research topic. Over the lifetime, 6577 publications have been published within this topic receiving 130069 citations.

Value At Risk: The New Benchmark for Managing Financial Risk

Abstract: Since its original publication, Value at Risk has become the industry standard in risk management. Now in its Third Edition, this international bestseller addresses the fundamental changes in the field that have occurred across the globe in recent years. Philippe Jorion provides the most current information needed to understand and implement VAR-as well as manage newer dimensions of financial risk. Featured updates include: An increased emphasis on operational risk Using VAR for integrated risk management and to measure economic capital Applications of VAR to risk budgeting in investment management Discussion of new risk-management techniques, including extreme value theory, principal components, and copulas Extensive coverage of the recently finalized Basel II capital adequacy rules for commercial banks, integrated throughout the book A major new feature of the Third Edition is the addition of short questions and exercises at the end of each chapter, making it even easier to check progress. Detailed answers are posted on the companion web site www.pjorion.com/var/. The web site contains other materials, including additional questions that course instructors can assign to their students. Jorion leaves no stone unturned, addressing the building blocks of VAR from computing and backtesting models to forecasting risk and correlations. He outlines the use of VAR to measure and control risk for trading, for investment management, and for enterprise-wide risk management. He also points out key pitfalls to watch out for in risk-management systems. The value-at-risk approach continues to improve worldwide standards for managing numerous types of risk. Now more than ever, professionals can depend on Value at Risk for comprehensive, authoritative counsel on VAR, its application, and its results-and to keep ahead of the curve.

Risk Governance: Coping with Uncertainty in a Complex World

Abstract: �Risk Governance is a tour de force. Every risk manager, every risk analyst, every risk researcher must read this book - it is the demarcation point for all further advances in risk policy and risk research. Renn provides authoritative guidance on how to manage risks based on a definitive synthesis of the research literature. The skill with which he builds practical recommendations from solid science is unprecedented.� Thomas Dietz, Director, Environmental Science and Policy Program, Michigan State University, USA �A masterpiece of new knowledge and wisdom with illustrative examples of tested applications to realworld cases. The book is recommendable also to interested students in different disciplines as a timely textbook on 'risk beyond risk'.� Norio Okada, Full Professor and Director at the Disaster Prevention Research Institute (DPRI), Kyoto University, Japan �There are classic environmental works such as The Tragedy of the Commons by Hardin, Risk Society by Beck, The Theory of Communicative Action by Habermas, and the seminal volumes by Ostrom on governing the commons. Renn�s book fits right into this series of important milestones of environmental studies.� Jochen Jaeger, Professor at Concordia University, Montreal, Canada �Risk Governance provides a valuable survey of the whole field of risk and demonstrates how scientific, economic, political and civil society actors can participate in inclusive risk governance.� Jobst Conrad, Senior Scientist, Social Science Research Center Berlin, Germany �Renn offers a remarkably fair-minded and systematic approach to bringing together the diverse fields that have something to say about 'risk'. Risk Governance moves us along the path from the noisy, formative stage of thinking about risk to one with a stronger empirical, theoretical, and analytical foundation.� Baruch Fischhoff, PhD, Howard Heinz University Professor, Carnegie Mellon University, Pittsburgh, USA 'I cannot describe how impressed I am at the breadth and coherence of Renn's career's work! Written with remarkable clarity and minimal technical jargon... [this] should be required reading in risk courses!' John Graham, former director of the Harvard Risk Center and former deputy director of the Office of Budget and Management of the Unites States Administration This book, for the first time, brings together and updates the groundbreaking work of renowned risk theorist and researcher Ortwin Renn, integrating the major disciplinary concepts of risk in the social, engineering and natural sciences. The book opens with the context of risk handling before flowing through the core topics of assessment, evaluation, perception, management and communication, culminating in a look at the transition from risk management to risk governance and a glimpse at a new understanding of risk in (post)modern societies.

Coping with systems risk: security planning models for management decision making

Abstract: The likelihood that the firm's information systems are insufficiently protected against certain kinds of damage or loss is known as "systems risk." Risk can be managed or reduced when managers are aware of the full range of controls available and implement the most effective controls. Unfortunately, they often lack this knowledge, and their subsequent actions to cope with systems risk are less effective than they might otherwise be. This is one viable explanation for why losses from computer abuse and computer disasters today are uncomfortably large and still so potentially devastating after many years of attempting to deal with the problem. Results of comparative qualitative studies in two information services Fortune 500 firms identify an approach that can effectively deal with the problem. This theory-based security program includes (1) use of a security risk planning model, (2) education/training in security awareness, and (3) Countermeasure Matrix analysis.

Identifying Software Project Risks: An International Delphi Study

Abstract: Advocates of software risk management claim that by identifying and analyzing threats to success (i.e., risks) action can be taken to reduce the chance of failure of a project. The first step in the risk management process is to identify the risk itself, so that appropriate countermeasures can be taken. One problem in this task, however, is that no validated lists are available to help the project manager understand the nature and types of risks typically faced in a software project. This paper represents a first step toward alleviating this problem by developing an authoritative list of common risk factors. We deploy a rigorous data collection method called a “ranking-type” Delphi survey to produce a rank-order list of risk factors. This data collection method is designed to elicit and organize opinions of a panel of experts through iterative, controlled feedback. Three simultaneous surveys were conducted in three different settings: Hong Kong, Finland, and the United States. This was done to broaden our view of the types of risks, rather than relying on the view of a single culture-an aspect that has been ignored in past risk management research. In forming the three panels, we recruited experienced project managers in each country. The paper presents the obtained risk factor list, compares it with other published risk factor lists for completeness and variation, and analyzes common features and differences in risk factor rankings in the three countries. We conclude by discussing implications of our findings for both research and improving risk management practice.

Value at risk: the new benchmark for controlling market risk

Abstract: To accommodate sweeping global economic changes, the risk management field has evolved substantially since the first edition of Value at Risk, making this revised edition a must. Updates include a new chapter on liquidity risk, information on the latest risk instruments and the expanded derivatives market, recent developments in Monte Carlo methods, and more. Value at Risk, Second Edition, will help professional risk managers understand, and operate within, today's dynamic new risk environment.