FACULTY OF NATURAL SCIENCES
Centre for Business Mathematics and Informatics
Quantitative Risk Management
The importance of risk management at the highest levels of organisations is increasingly acknowledged these days, known in its broadest sense as Enterprise-wide Risk Management (ERM). The most important risk types are market, credit and operational risk.
Market risk is the risk that changes in the financial market prices and rates will reduce the value of a firm's positions. Credit risk is the risk that a change in the credit quality of counterparty will affect the value of the bank's position. Operational risk refers to potential losses resulting from inadequate systems, management failure, faulty controls, fraud and human errors.
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