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The Journal of Portfolio Management

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Reflections on Buy-Side Risk Management After (or Between) the Storms

Bennett W. Golub and Conan C. Crum
The Journal of Portfolio Management Summer 2010, 36 (4) 84-92; DOI: https://doi.org/10.3905/jpm.2010.36.4.084
Bennett W. Golub
is a vice chairman and the chief risk officer at BlackRock, Inc., in New York, NY.
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  • For correspondence: bennett.golub@blackrock.com
Conan C. Crum
is an associate in Risk and Quantitative Analysis at BlackRock, Inc., in New York, NY.
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  • For correspondence: conan.crum@blackrock.com
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Abstract

This article highlights and emphasizes the importance of eight specific principles of risk management. The credit crisis of 2007–2009 has clearly reaffirmed the importance of a strong and effective risk management function, and these eight principles will help buy-side institutions think through their risk management organizations. In this article, Golub and Crum make the case for the importance of institutional buy-in, alignment and management of institutional interests, getting risk takers to think like risk managers, a fully engaged but independent risk management organization, understanding fiduciary obligations, bottom-up risk management, and constant monitoring of risk models for accuracy and relevance—and that risk management does not mean risk avoidance.

TOPICS: VAR and use of alternative risk measures of trading risk, risk management

  • Copyright © 2010 BlackRock, Inc. All rights reserved. Not to be reproduced or redistributed without permissiion.
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The Journal of Portfolio Management: 36 (4)
The Journal of Portfolio Management
Vol. 36, Issue 4
Summer 2010
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Reflections on Buy-Side Risk Management After (or Between) the Storms
Bennett W. Golub, Conan C. Crum
The Journal of Portfolio Management Jul 2010, 36 (4) 84-92; DOI: 10.3905/jpm.2010.36.4.084

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Reflections on Buy-Side Risk Management After (or Between) the Storms
Bennett W. Golub, Conan C. Crum
The Journal of Portfolio Management Jul 2010, 36 (4) 84-92; DOI: 10.3905/jpm.2010.36.4.084
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  • Article
    • Abstract
    • RISK MANAGEMENT REQUIRES INSTITUTIONAL BUY-IN4
    • THE ALIGNMENT AND MANAGEMENT OF INSTITUTIONAL INTERESTS
    • GETTING RISK TAKERS TO THINK LIKE RISK MANAGERS
    • INDEPENDENT RISK MANAGEMENT ORGANIZATIONS8
    • CLEARLY DEFINE FIDUCIARY OBLIGATIONS11
    • BOTTOM-UP RISK MANAGEMENT
    • RISK MODELS REQUIRE CONSTANT VIGILANCE
    • RISK MANAGEMENT DOES NOT MEAN RISK AVOIDANCE
    • ENDNOTES
    • REFERENCES
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