请教：risk management前途如何

dj100hk · 发表于 2008-2-14 16:56:00

以下是引用hoollly在2008-2-12 12:01:00的发言：
坦白说,我觉得当前有些银行的危机就是被拥有高学历,但是却无实际市场经验的风险管理人员搞垮的.在幼稚和灾难性的交易里面,肤浅和傲慢的风险管理人员拥有一些责任,并不完全是前台和管理层的错.

Hoollly, it is not the risk managers problem. It's a structural problem as risk manager has a too little power compared to traders who make big money.

http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080125/REG/676519365/1028

Risk managers in
vogue—for the moment

January 25, 2008

(Bloomberg)—In August, Keishi Hotsuki went to his boss at Merrill Lynch to protest.

Mr. Hotsuki, who was co- head of risk management, said the firm's decision to wager $3 billion on indexes of mortgage-related securities was too big a gamble. He lost the battle. Three months later, he left the company partly because of his objections to the trade, according to people familiar with the matter.

As the subprime crisis has unfolded, spurring at least $133 billion in writedowns and credit losses and claiming the jobs of four CEOs, the risk managers charged with preventing those kinds of disasters have largely languished on the sidelines. Merrill Lynch spokeswoman Jessica Oppenheim declined to comment on the details of Mr. Hotsuki's departure.

Banks, emboldened by three years of record profits, failed to heed warnings of their risk managers or give them enough power and data to do their jobs, said Joseph Mason, a professor of finance at Drexel University who researches risk management.

Now, risk managers are back in vogue—at least for the moment. “They will get more power as firms make a visible show of assessing their risk management,” said Samuel Hayes, a professor of investment banking at Harvard Business School. “And they will be curtailing risk taking for a while.''

Morgan Stanley, which has written down $9.4 billion, indicated that risk chief Thomas Daula will now answer to the firm’s chief financial officer rather than the head of trading. Vikram Pandit, the new CEO at Citigroup, which reported a record $9.8 billion fourth-quarter loss, said this month that he would be a “hands-on participant” in risk management.

At Merrill Lynch, which also posted a record $9.8 billion loss in the period, new CEO John Thain created two chief risk officer positions that report to him. And management at Bear Stearns is also contemplating changes. “It's not just risk management but the whole risk culture,” said Alan Schwartz, who replaced James Cayne as CEO of Bear Stearns in January. “We have to make sure our risk management and trading management are working together.’
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hedge · 发表于 2008-2-14 21:55:00

或许根本就没有什么防火墙

pgstudent · 发表于 2008-10-30 13:53:00

risk management 要點樣入行?????

如果我本身有兩個 master: 1) MSc financial maths and statistics

2) MS Quantitative finance and risk management

FRM + PRM?

Have 1 year of working experience in MBS and credit risk management.

How to prepare it?

edwen · 发表于 2008-11-2 01:58:00

以下是引用rkie在2008-2-11 0:22:00的发言：
As far as I know, PhD is highly preferred for a quant position. Being a quant, you will be asked to build models for derivatives pricing, trading, or risk management. Speaking of the career path, a quant could be working at Front Office or Middle Office (e.g., vetting group). Quant analyst >> Senior Quant >> Head Quant >> Director >> Managing Director is one example of path. However, it really depends on the bank's structure as well as your interest. This is just my two cents. Correct me if I am wrong.

Usually it is quite hard for a quant to climb to the top of ladder, even Derman himself did not manage to become a MD after 17 years' work in GS

mhe2 · 发表于 2009-12-17 21:44:25

up up

请教：risk management前途如何

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