Internal modeling : a new way of maximizing value from risk

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20110058678</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20111006173035.0</controlfield>
    <controlfield tag="008">111006e20110930gbr|||p      |0|||b|eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">7</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20110026509</subfield>
      <subfield code="a">Czernuszewicz, Andrzej</subfield>
    </datafield>
    <datafield tag="245" ind1="0" ind2="0">
      <subfield code="a">Internal modeling</subfield>
      <subfield code="b">: a new way of maximizing value from risk</subfield>
      <subfield code="c">Andrzej Czernuszewicz</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">Within the past few years, there has been a flurry of activity within various regulatory regimes that has led to the rise of the internal model as the risk management tool of choice. A lot has been said about using internal models and the potential added value that such an approach can bring. But the question is how to actually add value. An internal model allows a decision-making framework to be constructed that reflects the nature of the business and the aims of management. Traditionally, management has utilized projected financial statements that are based on expectations (possibly with some stretch) and has looked at stress tests to allow for an element of risk management. With the advent of internal models, management has a better understanding of the risk element of the equation. But risk should be balanced by reward. In fact, the internal model allows for better use of the interrelationships among risk, capital and value within the decision-making process. It can be argued that it is one of the main drivers behind regulatory regimes such as Solvency II
</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="1">
      <subfield code="0">MAPA20080591182</subfield>
      <subfield code="a">Gerencia de riesgos</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="1">
      <subfield code="0">MAPA20080571696</subfield>
      <subfield code="a">Control interno</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="1">
      <subfield code="0">MAPA20080586461</subfield>
      <subfield code="a">Modelos de gestión</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="1">
      <subfield code="0">MAPA20080588434</subfield>
      <subfield code="a">Toma de decisiones</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="1">
      <subfield code="0">MAPA20080564254</subfield>
      <subfield code="a">Solvencia II</subfield>
    </datafield>
    <datafield tag="710" ind1="2" ind2=" ">
      <subfield code="0">MAPA20100009338</subfield>
      <subfield code="a">Towers Watson</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077000932</subfield>
      <subfield code="t">Emphasis</subfield>
      <subfield code="d">New York : Towers Watson, 1987-</subfield>
      <subfield code="g">30/09/2011 Número 3  - 2011 , p. 18-20</subfield>
    </datafield>
  </record>
</collection>