FRM Handbook Ch 27: Firmwide Risk Management (Integrated Risk Management)
Book: Financial Risk Manager Handbook Plus Test Bank
Author: Philippe Jorion
ISBN: 978-0-470-90401-5
By Chapter 27, Jorion stops talking about individual risk types and starts talking about how they connect inside a real institution. Firmwide risk management sounds like a buzzword until you read about UBS losing $19 billion on subprime-related securities scattered across four different books with no firmwide concentration monitoring. That is what siloed risk management looks like in practice.