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By Michel Crouhy

ISBN-10: 0071624988

ISBN-13: 9780071624985

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The new rules were prompted, of course, by a rash of extraordinary corporate governance scandals that emerged between 2001 and 2003 as a result of the 1990s equity boom. While some firms had been using risk management instruments overenthusiastically to “cook the books,” others had not involved themselves sufficiently in analyzing, managing, and disclosing the fundamental risks of their business. In this chapter, we’ll take a look at the practical decisions a firm must make if it decides to engage in active risk management.

The firm’s stock price plummeted, and, as a consequence, an acquisition that was key to Palm’s strategy collapsed—the deal was for $264 million in Palm’s stock. The company cut 250 workers, lost key employees, and halted the construction of a new headquarters. Palm’s rivals, such as RIM (BlackBerry) and Microsoft, increased their efforts to capitalize on Palm’s mistakes. CHAPTER 1 Risk Management—A Helicopter View 33 very large general business literature that deals with these issues, so for the most part we skirt around the problem of business risk in this book.

3 NUMBERS ARE DANGEROUS, TOO Once we’ve put boundaries around our risks by naming and classifying them, we can also try to attach meaningful numbers to them. A lot of this book is about this problem. Even if our numbers are only judgmental rankings of risks within a risk class (Risk No. 1, Risk Rating 3, and so on), they can help us make more rational in-class comparative decisions. 002 percent chance of default), then we can weigh one decision against another with some precision. It is interesting to note in this context that Professor Daniel Kahanman, the Nobel laureate in economics, warns us that people tend to misassess extreme probabilities (very small ones as well as very large ones).

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The Essentials of Risk Management by Michel Crouhy


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