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    Risk in Risk Management Financial Organizations and the Problem of Conformity

    ISBN-10: 0415509858
    ISBN-13: 9780415509855
    Author(s): Gregory B. Vit
    Description: Banks take very large risks by consistently herding in the same perilous directions while paradoxically believing that they are safe and unique. Gregory Vit suggests that some groups within organizations – including both fraudsters and risk  More...
    Buy it from: $44.22
    This item will ship on Friday, November 21 .

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    Publisher: Taylor & Francis Group
    Binding: Paperback
    Pages: 160
    Size: 6.00" wide x 8.75" long x 0.50" tall
    Weight: 0.484
    Language: English

    Banks take very large risks by consistently herding in the same perilous directions while paradoxically believing that they are safe and unique. Gregory Vit suggests that some groups within organizations – including both fraudsters and risk governors – can manage risk by understanding the process of conformity and by going against it to their advantage. This book presents a unique framework that uses four different packages of constructs and organizational logics to understand conformity and deviance within investment banks and other large organizations, and thus to help organizations better manage risk. Furthermore, the book assembles eight case studies of massive risk mismanagement and walks the reader through the four very different yet complementary conceptual perspectives on risk that might explain why and how economic rationality was overridden by social forces. With the solid theoretical framework and practical examples to help organizations better understand the forces of conformity and risk that shape their success, this book has important theoretical, academic, managerial, and societal relevance.

    Foreword
    Acknowledgments
    The Problem of Conformity in Financial Organizations
    The Holistic Risk Management Model (HRMM)
    Understanding Multiple Logics: Economic, Social and Ideological
    Institutional Risk Management
    The Canadian Banking Paradigm
    Contrarian Risk Management and Fraud
    The Parmalat Fraud
    Evolutionary Risk Management
    The National Australia Bank Fraud
    Evolutionary Risk Management
    The Gaspesia Project Fiasco
    Contrarian Risk Management
    The UBS Sub-prime Meltdown and Case 6: The Soci�t� G�n�rale Fraud
    Conclusions Regarding the Risk in Risk Management
    Notes
    Works Cited
    Index

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