Value at risk

Defining Operational Risk Jack L. King We consider operational risk in the context of the firm. An analysis of various losses in terms of their causes and the events that trigger them is presented. The analysis provides the framework for the discussion of current definitions, which are then surveyed within that context. A clear and concise definition of operational risk is proposed. Famous losses attributable to operational risk, according to this definition, are reviewed. Finally, a set of success

THE GUIDE TO OPERATIONAL RESEARCH BOLDER DECISIONS WITH LESS GUT-FEEL THE WORLD’S MOST SUCCESSFUL EXECUTIVES ARE MAKING BOLDER DECISIONS – AND RUNNING EVERYDAY OPERATIONS – WITH LESS RISK AND BETTER OUTCOMES. THEIR SECRET? OPERATIONAL RESEARCH: THE SCIENCE OF BETTER “ OUR NETWORK SALES ORGANISATION HAS SEEN FIRSTHAND HOW OPERATIONAL RESEARCH METHODOLOGIES CAN REVOLUTIONISE HOW WE WORK. WE WILL CONTINUE TO DEPLOY THESE TECHNOLOGIES ACROSS ALL FUNCTIONS AS WE GROW AND IMPROVE OUR BUSINESS

PPP Chapter 2 – Hedging foreign exchange risk with financial derivatives -> Currency swap -> Forward exchange -> Currency options -> COFACE guarantee -> Foreign exchange position Chapter 3 – Hedging interest rate risk -> Interest rate swap -> FRA -> CAP -> Floor -> Colla Glossary/ vocabulary - Anchor currency: Is a currency used by the central banks to establish reserves of exchange. - Appreciation: determinate and judge the value of something. - Asset: are economics

enterprise. At the beginning of a business, owners put some funding into the business to finance operations. This creates a liability on the business in the shape of capital as the business is a separate entity from its owners. After liabilities have been deducted, the rest positive, is used to finance the firm's assets • Business angel It is usually a successful entrepreneur or professional, who is willing to invest in high-risk, high-growth firms at a very early stage, and adds value by putting

Strategy Exam: Serious Games - Crisis and Risk Management Auditor: HTD 10.01.2011 STRATEGY Page : 1/15 Strategy Exam: Serious Games - Crisis and Risk Management Auditor: HTD 10.01.2011 Sommaire 1. INTRODUCTION ................................................................... 3 2. WHY SERIOUS GAME ON CRISIS AND RISK MANAGEMENT? ................................ 4 3. PORTER’S FIVE FORCES MODEL OF COMPETITION ...................................... 6 4. BUSINESS MODEL ..........

roles 5 1.2. The investment management as a process 6 1.2.1 Planning the investment 6 1.2.2 Implementing the investment plan 11 1.2.3 Evaluation of the investment 15 1.3. Investment risk 24 Investment Risk #1: Business Risk 25 Investment Risk #2: Valuation Risk 26 Investment Risk #3: Force of Sale Risk 26 Chapter 2. European Grants 28 Introduction – short history 28 2.1.Legislation, definitions and objectives of the structural funds for Romania 31 2.2. Institutions regulating the management

WO R LD G O L D CO U NCI L GOLD AS A STORE OF VALUE By Stephen Harmston Research Study No. 22 GOLD AS A STORE OF VALUE Research Study No. 22 November 1998 WO R LD G O L D CO U NCI L CONTENTS EXECUTIVE SUMMARY ..............................................................................3 THE AUTHOR ..............................................................................................4 INTRODUCTION......................................................................

710 Specialist Watchmakers (€ m) 2010 2009 2008 1 353 1 437 1 378 Dividend per share 2010 2009 CHF 0.35 CHF 0.30 Writing Instrument Maison (€ m) 2010 2009 2008 551 587 625 Other Businesses (€ m) 2010 2009 2008 584 632 630 • Sales at € 5 176 million reflected a decline of 4 per cent. • Operating margin was 16 per cent of sales. • Cash flow from operations was € 1 464 million compared to € 819 million in 2009. • Net cash position improved by € 1 074 million to € 1 896 million. •

Non 2 RÉSUMÉ. Les notions d’appétit pour le risque ou de tolérance au risque font l’objet d’une attention accrue de la part des organismes financiers. Cet intérêt s’explique notamment par la mise en place progressive des démarches d’Enterprise Risk Management (ERM) et par les évolutions récentes des cadres réglementaires bancaires et d’assurances. Dans le secteur de l’assurance, les normes Solvabilité 2 accordent ainsi un rôle essentiel à la définition et au déploiement de l’appétit pour le risque

politiques et des méthodes qui permettent de gérer l’information, d’établir des limites de transactions, d’évaluer la performance et enfin de répondre aux exigences de la réglementation. Depuis le milieu des années 90, le pivot de ce processus est la value-at-risk (Var). La gestion de risque a pour premier objectif la comparaison des performances d’activités qui ont des risques différents. Il faut tenir compte non seulement de la marge bénéficiaire dégagée par un gestionnaire mais aussi du risque qu’il fait