Here are some of my favourite books and resources in risk management, often cited during my training courses.
• The Failure of Risk Management, Douglas Hubbard, Wiley, 2009: uses and misuses of risk ratings and other flaws in decision making. A great read.
• How to Measure Anything, Douglas Hubbard, Wiley 3/E, 2014.: the title says it all. A smashing success leading to a third edition.
• Antifragile, Nassim Talelb, 2012; A thought-provoking essay on the dangers of over-controlling daily volatility. One one of my all-time favourite books when it comes to risk management.
• The Flaw of Averages, Sam Savage (preface by Harry Markowitz), 2009; the son of a academic Statistician, Sam grew up amongst Nobel Price laureates. He would reconcile anyone with statistics in his funny, entertaining and well-illustrated book on how simple mental math doesn’t apply to risk assessment.
• Influencer – the power to change anything, Patterson et al., 2007: a must read to change and influence risk culture. Inspiring.
• Wilful blindness – Why we ignore the obvious at our peril, Margaret Heffernan, 2011: from housewives to Enron, how and why we look away when we don’t want to know. Humbling.
• Fooled by Randomness, Nassim Taleb: particularly relevant for investments in financial markets, but excellent for his view of tail risks and measurement uncertainty.
• Against the Gods: a history of risk management, Peter Bernstein: Interesting for those curious of the history of science and risk management.
• Operational Risk Management: Best Practices in the Financial Services Industry (The Wiley Finance Series), Ariane Chapelle, Wiley, 2018: provides a comprehensive overview of the most up to date methods and practices in operational risk management applied in financial services firms.
• Reflections on Operational Risk Management, Ariane Chapelle, Risk Books, 2017: This book by Ariane Chapelle is a collection of 28 columns and articles, spanning more than five years.
• The Risk Management Handbook: A Practical Guide to Managing the Multiple Dimensions of Risk, Ariane Chapelle & David Hillson, Kogan Page, 2016: The Risk Management Handbook gives a clear snapshot of the current state of play in the risk management landscape, and a look ahead to the key emerging issues in the field.
• Operational Risk Assessment: The Commercial Imperative of a More Forensic and Transparent Approach (The Wiley Finance Series), Brendon Young, Rodney Coleman, 2009: a nice combination of risk management (part 1) and statistics (part 2) by two great authors.
• Operational Risk Modelling, G. Peters, P. Shevchenko and M. Cruz, Wiley, 2015.The most recent book on the topic, by some of the very best experts in the field.
– Risk Management Institutes
Below are some links to risk management websites, institutes and scholars you may find useful:
– Academic research engines:
– Data consortium and leading practice: