The winds of change, if anything, have only become stronger over the financial landscape since our third edition. Beginning with the credit crisis in 2007, then the sovereign crisis, and now there is more change in the form of disruptive innovations revolutionizing global banking and financial services. The clocks could soon start striking thirteen! "Banks, regulators, governments, and the entire global financial system are still finding ways to deal with the after- shocks of the crisis, and to avert new ones in future." This sentence from the second edition was still valid at the time of the third edition. Now in our fourth edition, it seems that the credit and sovereign crisis of yesteryears pale in comparison with the existential problem facing the global financial system. What's New The fourth edition in its introductory chapter deals with the future of the banking industry in the context of the global financial and economic crisis that has taken its toll on sovereign powers. It has updated chapters on advanced topics on 'credit risk management' that discusses various models of credit risk measurement and management. 'Risk management', of course, occupies centre-stage, and risks faced by the banking industry from its investment (market risk), solvency (capital), interest rate volatility and adequate liquidity have to be measured and managed. All the chapters have been rigor- ously updated and revamped to help users of the book understand how these risks can be managed. How the book has been organized With risk management in sharp focus, the book is reorganized to enable the modern banker, academician or student to recognize risks in banking and financial services, and take decisions to achieve the most favourable risk-return trade-offs. The book is divided into 2 major sections - 'Management of Banks' and 'Management of Financial Services'. Chapter 1 is an introduction to the changing dynamics of one of the most regulated industries in the world. Chapters 2 to 12 examine various facets of managerial and risk management aspects of banking in detail. The remaining chapters 13 to 22 deal with management of financial services that banks offer. Relevant description of financial markets, co-banking institutions and legal and regulatory reforms impacting banking and financial services have been elaborated upon
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