managing firm risk

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1、CHAPTER9MANAGINGFIRMRISK∗BlufordH.PutnamManagingriskisaconstantchallenge,partlybecausemanagingriskdoesnotmeaneliminatingriskbutratherbalancingriskandreturnopportunitiesinthebestinterestsofclientsorinvestors.Atthemostbasiclevel,managingriskisaboutcon-tinuou

2、slyupdatingriskforecaststohelpinthemanagementofboththeinvestmentfirmandclientportfolios.Moreover,oneofthemostfundamentalconceptsisknow-ingaportfolio’sworthatalltimessoastodevelopanintuitivesenseofthedynamicactivityinfinancialmarketsandtoappreciatethechanging

3、patternsofrisksintheportfoliosmanagedbytheinvestmentfirm.Hardlyaweekormonthgoesbywithoutsomeseriousfinancialmishapintheassetman-agementindustryremindingeveryoneabouttheimportanceofmanagingtherisksintheportfoliosforwhichaninvestmentfirmisresponsible.Thispresen

4、tationbeginswithanintuitiverationaleforoneofthemostimportant,butsometimesforgotten,issuesinriskmanagement,namely,keepinganeagleeyeontheworthofalloftheportfoliosinone’scare.Then,Iwilltrytoprovidesomeperspectiveonthedifferencesbetweenriskmanagementinthebanki

5、ngindustryandriskmanagementinthemoneymanage-mentindustry,whichIhopewillclarifysomeofthecriticalsubtletiesintheapplicationofriskmanagementtechniquesintherealworld,asopposedtodiscussingtheoreti-calissuesthatmayormaynotberelevantforday-to-dayriskmanagement.Th

6、istopicleadsintoadiscussionofwheretheassetmanagementindustryisgoingintermsofriskreporting,andfinally,Iwilloffersomeconcludingthoughtsontheimportanceofcom-biningriskmeasurementsystemsandquantitativeriskmodelswithmanagerialjudgmenttofurtherimprovebothrisk-adj

7、ustedportfolioperformanceandclientandinvestorrelationships.∗ReprintedfromAIMRConferenceProceedings:EthicalIssuesforToday’sFirm(July2000):51–61.139CH009.indd1398/28/108:21:26PM140PartI:Overview—2000–PresentENHANCINGRISKINTUITIONTHROUGHREAL-TIMEPORTFOLIOMONI

8、TORINGEffectiveriskmanagementofaninvestmentfirmandoftheportfoliosmanagedbythefirmrequiresthatallthepeopleinvolvedinthewholeportfolioprocessdevelopanintuitivesenseofaportfolio’sperformancenumbers.Itisimportantto