ART OF RISK MANAGEMENT CULP C. Bankowa.pl

The ART of Risk Management

Christopher L. Culp, CP Risk Management LLC

Learn about today's hottest new risk management tools

One of the hottest areas of finance today, alternative risk transfer, or ART, refers to the use of various insurance products to manage market, credit, operational, legal, environmental, and other forms of risk. As the capital and insurance markets continue to converge, the number and complexity of new risk-defraying insurance products available to corporations, brokerages, money managers and other financial professionals will continue to grow. Expert Christopher L. Culp uses case studies of recent ART transactions used by risk managers to put the field into perspective for financial professionals and to acquaint them with the various types of risk control products now available. In addition he explores, in-depth, the links between ART, derivatives and bank-arranged risk financing, and he explains the key differences between classic insurance products and financial guarantees, risk financing, bundled layering, and other ART forms.

As the capital and insurance markets continue to converge, the number of innovative alternative risk transfer (ART) products available to corporations, brokers, derivatives participants, and other financial professionals continues to grow. Understanding risk management in a corporate finance context and the ability to use ART to control risk and raise new capital has become a necessity in today's business world.

Risk expert Christopher Gulp begins by laying down a solid foundation in corporate finance and the processes by which firms strive to find the elusive "optimal capital structure." Culp introduces competing theories on optimal capital structure and provides a summary of empirical evidence for and against these theories. Risk and signaling capital, as well as regulatory capital, round out the discussion of the quest for optimal capital structure.

To understand the motivations behind ART many of which appear to be tied to the search by firms for optimal capital structure Culp then probes the most interesting ART transactions to date by exploring their impact on the capital structure of many actual companies.

This comprehensive guide also provides a valuable overview of the risk control and capital structure functions provided by banking products, derivatives targeted at market and credit risk, asset divestitures and securitizations, and insurance and reinsurance. Also discussed are the many similarities between these traditional risk management products, especially (re-) insurance and options. Moving from traditional methods to today's most cutting-edge risk management and capital formation tools, The ART of Risk Management examines the emerging market for ART forms based on their type and function. You'll be introduced to the world of ART by looking at two distinct parts of that world: risk finance and risk transfer, You'll learn about major structures in each, including such risk financing methods as captives, protected cell companies, and finite risk products, and risk transfer methods, including multiline and multitrigger programs, "committed capital," and alternative risk securitization.

The final section of this invaluable resource presents some practical issues that ART product users will want to take into consideration. Guest contributors address catastrophic insurance products, weather risk transfer, patent law and ART financial innovation, and ART structures facilitating mergers and acquisitions.

CHRISTOPHER L. CULP is the Managing Director of CP Risk Management LLC and an Adjunct Associate Professor of Finance at the Graduate School of Business of the University of Chicago. Formerly President of Risk Management Consulting Services, Inc., and Senior Examiner in the Supervision and Regulation Department of the Federal Reserve Bank of Chicago, Dr. Culp is also Senior Fellow in Financial Regulation with the Competitive Enterprise Institute in Washington, D.C., and a recent Visiting Lecturer in Risk and Insurance at the Insti-tut fur Finanzmanagement, Universitat Bern, Switzerland. He is the author of The Risk Management Process: Business Strategy and Tactics and coeditor, along with Merton H. Miller, of Corporate Hedging in Theory and Practice:

527 pages

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