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Models at Work: A Practitioner's Guide to Risk Management (Global Financial Markets) Hardcover – 6 Dec 2013

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5 out of 5 stars 4 reviews from Amazon.com

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Book Description

An accessible but comprehensive guide to quantifying and managing risk in financial institutions

About the Author

Jawwad Ahmed Farid (Karachi, Pakistan) is a financial markets consultant and trainer, delivering tailored courses and solutions to a global base of clients that include Goldman Sachs, Merrill Lynch, Met Life, Nationwide, Sumitomo Mitsui Bank, Pacific Life, Fidelity Investments, Transamerica, GE Financial Assurance and Washington Mutual Bank. His expertise includes Asset/Risk Management, Investments, Product Development, Risk Models & the Financial Services Back Office. As an investment advisor Jawwad has advised a 3 billion US$ dollar life insurance fund in Pakistan on allocation and bid patterns for 10, 20 and 30 year Sovereign bonds, a 30 million dollar Middle East fund on ALM mismatch and fixed income strategy, a 10 million dollar employee benefit fund on asset allocation and equity market timing. He has also worked with the securities regulator and the Asian Development Bank on assessing the state of the corporate bond market as well as issued valuation opinions on cross currency swaps, interest rate swaps, caps, floors, participating forwards and contingent liabilities for Exchange Guarantee Funds in the region. He is a Fellow Society of Actuaries (Chicago), a MBA from Columbia Business School (New York City) and a computer science graduate.

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Most Helpful Customer Reviews on Amazon.com (beta) (May include reviews from Early Reviewer Rewards Program)

Amazon.com: 5.0 out of 5 stars 4 reviews
1 of 1 people found the following review helpful
5.0 out of 5 stars in a language which is easy to comprehend 27 Feb. 2017
By Hamza Qureshi - Published on Amazon.com
Format: Hardcover Verified Purchase
Unlike college finance courses, this book includes knowledge and skills needed in the real world. Throughout Models at work, one can sense that the author has worked extensively in the field. If you're just starting out in financial risk modeling (like me), Jawwad provides a highly practical and relevant guide for designing and creating reusable risk models, using numerous real world illustrative examples with supporting numbers. He emphasizes on how to create meaning and sense, out of the results that you'll derive from them. And most importantly, in a language which is easy to comprehend.

Jawwad has a very humble and thoughtful approach that lets the reader know there are many ways one can introduce errors into models - and how to best avoid doing so. And for those who need to value non-standard assets (oil & gas, gold, energy, commodities etc.), Models at work is a resource like none other.

This book will become a fixture on every risk professional’s bookshelf.
1 of 1 people found the following review helpful
5.0 out of 5 stars Models at Work is USEFUL and USABLE 25 Mar. 2015
By Dave Ingram - Published on Amazon.com
Format: Hardcover
Models at Work provides good practical, and clear advise on how to do and how to use risk modeling. Early in the book, Farid provides a couple of questions that can be applied to each and every risk problem...

1. What is the exposure?
2. What is the trend of the exposure?
3. What is the impact of the risk factors on an exposure?
4. What is the Risk Appetite?

And he applies these to jet fuel, palm oil, FX, wheat, corn, natural gas, crude oil, precious metals along with financial instruments such as bonds, stocks, insurance and pensions. MaW has 100 pages explaining Monte Carlo simulations. A very helpful technique. Farid is based in South Asia and works with businesses and professionals throughout the region and for many of those risk types, the data is not as available as it might be in US or Europe. So Monte Carlo modeling becomes more important to help to fill in the gaps.

Besides the step- by step descriptions of these processes, MaW also includes a colorful travelogue of the markets and pitfalls of modeling. In some ways, MaW reads like the best of cook books. It is not just the recipes, but the stories that make the book what it is.
1 of 1 people found the following review helpful
5.0 out of 5 stars Must read book on risk models for those interested in real-world application instead of theoretical concepts 30 Mar. 2015
By Christoph Brodowicz - Published on Amazon.com
Format: Hardcover
“Models at work” is an amazing book by about building an intuition about risk in real-world application. Coming from an academic background in financial mathematics and having worked in FS audit, risk management and FS consulting, focusing on quantitative models at globally leading investment banks, I can recommend this great book to any risk professional or student out there, who wants to get to know about what is essential in real-life risk management applications and models. In his book Jawwad Farid succeeds in making the so difficult balancing act that most books in this area don’t make – teaching sophisticated frameworks, tools and concepts in a language “normal human beings” understand. You don’t need to call yourself a quant, hold a PhD in Physics or Mathematics, or understand Ito’s lemma to make sense of this book. Jawwad manages to stay away from overly theoretical concepts, which often are of limited use in our day-to-day work as risk and finance professional, and instead focuses on real-world application throughout the book. Well done Jawaad – looking forward to your next one!
1 of 1 people found the following review helpful
5.0 out of 5 stars Not Your Average Risk Management Textbook 24 Mar. 2015
By A Practicing Investment Professional - Published on Amazon.com
Format: Hardcover
I had previously encountered this book when it was titled "Risk Frameworks and Applications (2nd Ed.)" and used certain sections to assist in building the most useful and practical models I have ever designed for my job. My role is a combination of asset management and risk management/monitoring and so I believe that I exist in that sweet spot that the author is trying to target -- not too complex as a true quant might be, but at the same time, relatively comfortable with basic risk management ideas. The author does the job he has set out to do, which is, instead of impressing readers with pages and pages of intangible formulas, he has actually written a book that a sufficiently interested person could sit down with and in an afternoon, actually build and understand a working example that can easily be modified to suit their needs.

Even though the target market is already naturally small for such a book, I am still surprised that this book is not more well-known. Highly recommended.
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