Request a copy of "The world beyond VaR"
by Dr Willi Brammertz
The triumph of Value at Risk (VaR) appeared unstoppable. To many, especially in trading rooms, it looked like the only surviving and indeed single necessary tool. Others went even further, applying it to entire banks and beyond this to the insurance sector and the treasuries of non-financials.
Regulators were also taken by this novel measure, accepting them as superior "internal models" compared to the more recipe-like standard models. Originally a market risk oriented measure, VaR was then successfully extended to credit and operational risk. When liquidity risk resurfaced on the risk map, vendors such as Algorithmics were quick in declaring “Liquidity at Risk” as a new measurement tool.
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