BEHAVIORAL RISK MANAGEMENT: MANAGING THE PSYCHOLOGY THAT DRIVES DECISIONS AND INFLUENCES OPERATIONAL RISK

Book ID/图书代码： 08296015B84878

English Summary/英文概要： The psychological dimension of managing risk is of crucial importance, and its study has led to the identification of specific do’s and don’ts. Those with an understanding of the psychology underlying risk and the skills to recognize its manifestation in practice, have the opportunity to develop frameworks that embody the do’s and don’ts, thereby producing sound judgments and good decisions. Those lacking the understanding and the skills are destined to be more hit and miss in their approach to risk management, doing the don’ts and not doing the do’s. Virtually every major risk management catastrophe in the last fifteen years has psychological pitfalls at its root. The list of catastrophes includes the 2008 bankruptcy of Lehman Brothers and subsequent global financial crisis, the 2010 explosion at BP’s Macondo well in the Gulf of Mexico and the 2011 nuclear meltdown at the Fukushima Daiichi power plant. A critical lesson from psychological studies for those involved in risk management is that people’s judgments and decisions about risk vary with type of circumstance. In Behavioral Risk Management readers will learn that there are specific actions that organizations can undertake to incorporate understanding, recognition, and behavioral interventions into the practice of risk management. There are many examples throughout the book that illustrate doing the don’ts. The chapters in the first part of the book introduce the main ideas, and the chapters in the latter part provide insight into how to apply those ideas to the practical world in which risk managers operate.

Chinese Summary/中文概要： 风险管理中的心理层面至关重要，对其的研究有助于识别特定的行为准则。那些了解风险背后的心理机制以及识别实践中的表现形式的人便有机会制定出体现这些行为准则的框架并最终做出理性的判断和明智的决定。而那些对此缺乏认识的人则很有可能无法有效进行风险管理并最终导致失败。实际上，过去15年间发生的每一次重大风险管理灾难背后都存在各种心理陷阱。这些灾难包括2008年雷曼兄弟破产及之后的全球金融危机、2010年墨西哥湾BP漏油事故、2011年的福岛核电站事故等。有关风险管理心理研究得出的一个关键教训就是人们对风险的判断和决策根据不同的情况会有所不同。本书中，读者将了解组织机构将理解、承认、行为干预运用于风险管理实践中时可以采取的特定行为。本书第一部分的章节介绍了全书的主旨，其余部分则介绍了如何将这些理念运用于风险经理进行工作的现实世界。（LYR）

Awards/获奖情况：“Hersh是行为风险管理方面的先锋，一直在寻求将他教授的理念运用于实践。他在很早之前就预言了BP的漏油事故，并有能力理解非常复杂的商业机智并提出实用的解决方案。可通过本书学习如何预防金融领域的运营风险以及塑造风险文化的事件。”——Alexandru Voicu，Certinvest投资组合经理

“本书揭示了心理在风险管理中所扮演的关键角色。所有风险管理经理和学生都会发现本书的洞见非常深刻、不可或缺。”—— John Hull，教授

"Hersh is a pioneer in Behavioral Risk Management who is always looking at the application of the concepts he teaches. He has predicted the BP Oil Spill(s) long before happening, and has the capacity to understand very complex businesses and offer very pragmatic solutions. Learn how to prevent Operational Risk in Finance and the events that shaped Risk Culture." -Alexandru Voicu, Portfolio Manager, Certinvest ’Behavioral Risk Management is an accessible, insightful, and necessary work for anyone who is involved in the pursuit of value creation. Hersh Shefrin has managed to combine an examination of the research into the psychology of risk with specific applications and examples of its impact on real life situations. Like Luca Celati’s The Dark Side of Risk Management, Shefrin’s work brings important issues to the forefront that are unknown to most risk managers. Knowledge of the influence of psychology on behavior and risk enhances opportunities, while there may be unexpected peril for those who ignore these insights. This is book is essential reading.’ -David R. Koenig, Founding Principal, The Governance Fund ’This book provides a complete understanding of why behavioral components have to be included in risk management. Either from a micro, a macro, or a regulation perspective, quants and rationality have revealed their limits. Drawing from the major disasters, Shefrin provides a thorough analysis of the psychological components which led to such outcomes. Without any overconfidence bias, this is a must-read for anyone involved in operational risk management.’ -Catherine Lubochinsky, Professor, University of Paris II ’Behavioral finance offers many useful lessons for risk managers that have not been fully embraced by the profession yet. This book provides a comprehensive and accessible presentation of behavioral finance and then highlights these concepts in multiple case studies provided from the risk management failures of the recent past. Risk managers can use this book to extend their toolkits beyond the typical quantitative measures of risk by considering the impact, and shortcomings, of human psychology.’ -Chris Donohue, Global Association of Risk Professionals "Professor Shefrin demonstrates how fundamental psychological factors influence risk-taking decisions and affect investment returns, corporate performance, and societal wealth creation. Shefrin’s findings are informed by a dedicated research effort stretching over a decade. Showing the importance of subtle human traits, this seminal book is a must for students and scholars in finance, economics, and management as well as executives, policy makers, and regulators." -Torben Juul Andersen, Professor of International Management and Strategy, Copenhagen Business School "This book explains the key role of psychology in risk management. All risk managers and students of risk management will find the book’s insights indispensable." -John Hull, Maple Financial Professor of Derivatives and Risk Management, Joseph L. Rotman School of Management, University of Toronto

About the Author/作者介绍： Hersh Shefrin，美国Santa Clara大学金融教授。是研究经济金融行为学的先锋认为。他的著作《Beyond Greed and Fear》首次全面介绍了行为金融学的方法。2009年JP Morgan Chase将其列入2000年出版的最佳图书前十位。他还著有多部有关行为金融学的图书。此外，他还聚焦于行为风险管理方面的咨询工作。目前，他在纽约大学及阿姆斯特丹金融学院教授为行为风险管理的高管开设的专业发展课程。

Format:MANUSCRIPT

Rights Status/版权销售情况：Simplified Chinese/简体中文：SOLD(非我们代理）

Complex/Traditional Chinese/繁体中文：AVAILABLE

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