Michael Carpenter has done the global investment realm a HUGE service by bringing this essential discipline front and center. We've needed a book like this for a long time! My advice to advisors and investors: get hold of a copy. It's a no-risk way to improve your chances of investment success. Mike Carpenter's approach makes the often arcane world of risk management real and provides insights that are timely as well as timeless.
With historical background, Mike Carpenter has simplified the process and modernized the approach. Financial markets, and investing itself, have changed dramatically over the last few years. Historic changes have created incredible new investment opportunities as well as unsettling new challenges--increasing the potential impact of familiar old risks and the likelihood of totally new ones. With changes to the investment landscape continuing to occur more frequently, understanding and managing risk is now more important than ever.
Written in a straightforward and accessible style, The Risk-Wise Investor is specifically designed to help you build a strong, knowledge-based under-standing of risk and risk management. It opens by reviewing our everyday life risk management process and then quickly reveals how to apply those same basic principles and well-honed life risk management skills in better understanding and managing investment risks. Along the way, you'll discover exactly what it takes to become a more effective "Risk-Wise" investor by:.
Navigating extraordinary crisis events, bear markets, frightening volatility, and the extremes of business cycles. With The Risk-Wise Investor as your guide, you'll be better prepared to manage common decision making and perception risks, as well as those risks that occur in roaring bull markets, frightening bear markets, and even uncertain market environments. But, most of all, you'll enjoy the peace of mind that comes from gaining a critical understanding of what it takes to be ready before financial risks become a reality. User-friendly risk management tools, tips, and techniques for a less certain world Though a very high level of investor uncertainty, anxiety, and concern about risk now exists, the vast majority of investors do not genuinely understand investment risk-let alone how to effectively manage it.
The "Risk-Wise" Investor offers a totally new, user-friendly, non-technical way to help you better understand and manage uncertainty and risk. This practical guide will help investors avoid many common pitfalls and make well informed, knowledge-based decisions when facing uncertainty and risk.
It also shows how to implement a personalized, systematic risk management planning process that will allow you to manage the risks you face more effectively and improve the likelihood of achieving specific investment goals. Though traditional investment advice is based on taking the long view and diversifying portfolios, the information here shows how to incorporate additional risk management considerations into your plans.
Read more Read less. Reynolds, President and CEO, Putnam Investments "Arriving at the tail-end of a tumultuous decade for investors, The Risk-Wise Investor will help individuals regroup and reset their expectations using a simple, personalized approach to understanding and managing investment risk. See all Product description. No customer reviews.
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The ""Risk-Wise"" Risk Management Planning Process
Search terms: This section defines the databases search terms based on the SLR guidelines. A search string was constructed using relevant terms based on the research questions. The following Boolean search strings were used: "Risk mitigation" or "Risk management" or "Knowledge risk" or "risk quantitative" or "risk qualitative" or "IT governance" Before we selecting the papers to be used for the SLR we check for repeating in studies to ensure there is no duplication; for example if the same study is published in two different journals with different first authors, only one study would be included in the review; usually the most comprehensive study or the most recent study.
Where we need to make this choice, we include the most comprehensive study or the most recent study. A total of 25 studies discuss the Risk mitigation methods in IT Governance. Citations for the papers and other relevant papers are included in the reference for further reading. The inspected publications were classified according to the applied research method. Figure 4 shows how these data collection methods of the empirical studies. The reviewed papers were published between and Risk mitigation process: Risk mitigation mainly involves transferring, avoiding, controlling and even accepting risk.
The risks can be mitigated in quite a few different ways, each of which may require different resources at different times but for selecting the best mitigation action is not an easy task. However, the high rate of failures in IT projects shows the unsuccessfulness of the activities of risk mitigation Fig. The reason is the existence of hidden and unseen threats and risks in the process which are ignored in most of the models Khatavakhotan et al.
Researches show that risks can be mitigated by stabilizing the requirements, designs and implementations Khatavakhotan et al. Besides that, developing an integrated mitigation plan is a core responsibility of a risk manager. Zambon et al. Nowadays the process of assessing and mitigating availability related risks depends very much on the human expertise. The goal of Risk mitigation is to bring down the estimated downtime cost by applying a set of countermeasures which can be either technical or organizational Zambon et al.
Risk mitigation components are risk identification, risk decision, risk treatment and risk monitoring. In risk identification potential risks are determined by Risk analysts, IT Manager, Project team and System Analyst Senior Engineer by using process such as risk rating, screening, examination of risk drivers and assumption risk analysis. Risk decision helps the decision makers to estimate the impacts of various risks and have robust comprehensive information risks mitigation policy by effectively mitigating the risks it faces, organisations can guard against poor decision making, Faisal et al.
In risk treatment, the management perspective is included in the treatment of IT risks by comparing various solution to the risk Lainhart, ; Lientz and Larssen, , using process such as Bench marking, cost benefit analysis and benchmark to state mission and risk monitoring aids in the checking of the risk milestones as the risk treatment is applied using process like knowledge mapping, standard risk management plan and milestone tracking.
This standard represents a bottom-up approach which explains detail technical processes coping with IT risk mitigation. This approach is however often criticized due to its over emphasis on the technical implementation of risk mitigation Karabacak and Sogukpinar, ; Mellado and Rosado, ; Von Solms, Risk mitigation techniques: Two distinct techniques have been proposed to explain risk mitigation: quantitative and qualitative.
Quantitative technique use measurable, objective data to determine asset value, probability of loss and associated risk s. The goal is to try to calculate objective numeric values for each of the components gathered during the risk mitigation and cost-benefit analysis. Qualitative technique use a relative measure of risk or asset value based on ranking or separation into descriptive categories such as low, medium, high; not important, important, very important; or on a scale from A qualitative technique assesses the impact and likelihood of the identified risks in a rapid and cost-effective manner.
Degen et al.
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The qualitative analysis has been very influential and has become well known in risk mitigation at the expense of quantitative. Bayaga and Mtose concluded that the bottom line here is that quantitative and qualitative data are, at some level, virtually inseparable.
Neither exists in a vacuum nor can be considered totally devoid of the other. To ask which is better or more valid ignores the intimate connection between them. To do good risk mitigation therefore, analyst need both. One of the most intricate parts accompanying risk mitigation is the quantification of risk Rebiasz, Some of these quantitative techniques are less applicable as they necessitate the need for detailed information which is generally not available at the planning stage and thus there is a difficulty in making accurate decisions Dey, Both qualitative and quantitative techniques to risk mitigation have their advantages and disadvantages.
Certain situations may call for organizations to adopt the quantitative approach. Alternatively, organizations of small size or with limited resources will probably find the qualitative approach much more to their liking.