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Produktbild: The Value Management Handbook

The Value Management Handbook A Resource for Bank and Insurance Company Finance and Risk Functions

Aus der Reihe Wiley Finance Series

152,99 €

inkl. MwSt, Versandkostenfrei

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

31.08.2015

Verlag

John Wiley & Sons Inc

Seitenzahl

720

Maße (L/B/H)

25/17,5/4,3 cm

Gewicht

1369 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-77463-2

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

31.08.2015

Verlag

John Wiley & Sons Inc

Seitenzahl

720

Maße (L/B/H)

25/17,5/4,3 cm

Gewicht

1369 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-77463-2

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  • Produktbild: The Value Management Handbook

  • List of Abbreviations xiii

    Preface xvii

    Acknowledgments xix

    About the Author xxiii

    Part One

    Introduction 1

    Chapter 1

    Why is Value Management Important? 3

    Better Information 3

    Better Insights 6

    Better Decisions 8

    Why Shareholder Value? 12

    Chapter 2

    How do CFOs and CROs Add Value? 15

    The Evolution of the Corporate Center as "Shareholder Surrogate" 15

    The Implications for the CFO 20

    The Implications for the CRO 24

    Part Two

    Better Information - Measuring Value 29

    Chapter 3

    RAPMs - The Industry Standard 31

    What Makes Financial Services Unique? 31

    What do RAPMs do and How? 34

    The RAPM (R)evolution 37

    Three RAPMs for Three Distinct Purposes 41

    Linking Directly to Shareholder Value 46

    Insurance Example 49

    Banking Example 50

    Chapter 4

    Two Challenges in Using RAPMs 51

    Do RAPMs Influence Strategy? 51

    Do RAPMs Give the Right Signals? 55

    Chapter 5

    Valuing Financial Services - The Theory 71

    What Determines Share Value? Market Multiples, RoE and Growth 71

    But What Determines Market Multiples? 73

    Why a Market-Consistent Approach? 77

    Value: Where it Comes from and How to Create More of it 80

    Chapter 6

    Valuing Financial Services - The Evidence 85

    Evidence from the Insurance Industry 85

    Evidence from Banking 96

    Is it Just me or are Others Thinking the Same Thing? 98

    Chapter 7

    Market-Consistent Valuation for Insurers 101

    Introduction to Fair Valuation for Insurers 101

    Calculating Traditional Embedded Value 104

    European Embedded Value 106

    Market Consistent Embedded Value (MCEV) 109

    How is MCEV Calculated in Practice? 115

    From MCEV to MVBS 120

    Final Comments: Whither MCEV? 122

    Part Three

    Better Insights - Managing Value 125

    Chapter 8

    Property and Casualty Insurance 127

    History and Economic Rationale 127

    From Principles to Rules of the Game 133

    From Rules to the Valuation of PC Businesses 135

    PC KPIs: Understanding and Managing Value 140

    Chapter 9

    Life and Health Insurance 151

    History and Economic Rationale 151

    From Principles to "Rules of the Game" 163

    LH Valuation 167

    Understanding Value Creation: Capital Intensity and Financial Risk Taking 171

    Chapter 10

    Banking 189

    History 189

    Products 195

    Economic Rationale 197

    From Principles to "Rules of the Game" 199

    From "Rules" to Value 201

    Chapter 11

    Achieving Profitable Growth 211

    Rules of the Game and KPIs 211

    Management Actions - Three Horizons of Growth 217

    Horizon 1 - Increasing Sales Productivity 218

    Horizon 1 - Going Multi-channel 221

    Horizon 1 - Getting More out of Existing Customers; cross sell, big data and customer loyalty 224

    Horizon 1 - Managing the Customer Portfolio Skew 228

    Horizon 2 - Anticipating Mega-trends 230

    Horizon 2 - Exploiting Adjacencies 232

    Horizon 2 - Transformational and Bolt-on Acquisitions 234

    Horizon 3 - Creative Disruptions 238

    Chapter 12

    Achieving Operating Efficiency 241

    The Importance of Operating Efficiency 242

    Rules of the Game 248

    Pay Less: Optimize Procurement 249

    Pay Less: From Business Process Redesign to Outsourcing 250

    Use Less, But More Effectively: Digitize and Automate 253

    Use Less, But More Effectively: Re-engineer the Product Portfolio 254

    Use Less, But More Effectively: Managing Acquisition Expenses 257

    Part Four

    Better Decisions - Capital, Balance Sheet and Risk Management 261

    Chapter 13

    Corporate Strategy and Capital Allocation 263

    Corporate Strategy, Capital Allocation and Performance Management 263

    Capital Allocation: The Capital Budget, from Sources to Uses of Capital 265

    Capital Allocation: Optimizing the Corporate Portfolio 273

    Capital Allocation: Aligning Financial Resources within Constraints 278

    Chapter 14

    Strategic Planning and Performance Management 285

    What is Strategic Planning? 285

    Why does Strategic Planning Fail and What can be done About it? 295

    Corporate Strategy 302

    Chapter 15

    Balance Sheet Management 311

    Balance Sheet Management Activities 311

    The Asset/Liability Committee (ALCO) Mandate and Agenda 314

    The Asset/Liability Management (ALM) Unit 323

    The Insurer ALM-Investment Value Chain 330

    The Treasury Function 339

    Chapter 16

    The Economics of Asset/Liability Management 345

    The Role of ALM Earnings 345

    The Risks: Some Spectacular ALM Failures 349

    The Returns: Are Shareholders Willing to Pay a Premium or a Discount? 361

    Chapter 17

    The Practical Aspects of Asset/Liability Management 371

    ALM Performance and Risk Measures 372

    Calculating Funds Transfer Prices (FTPs) 385

    Measuring Alpha 406

    Chapter 18

    Cash and Liquidity Management 413

    Managing Funding Liquidity Risk 413

    What Happens if it Goes Wrong? 416

    Measuring Funding Liquidity Risk 420

    Chapter 19

    Managing the Capital and Funding Structure 431

    Capital Funding Management 431

    Determining the Optimal Capital Structure 436

    The Empirical Reality: What Determines Capital Structure? 446

    Chapter 20

    Risk Management 451

    Enterprise Risk Management 451

    Taking the Right Decisions 460

    The Role of Culture 463

    Chapter 21

    Risk Governance and Organization 477

    Risk Governance Principles 477

    Role of the Board and Management 478

    Three-Line-of-Defense Model 480

    The Risk Function 484

    Chapter 22

    Risk Identification and Evaluation 491

    From Risk Identification to Evaluation 491

    Data-Driven Approaches 497

    Evaluation-Based Approaches 499

    Building a Resilient Organization 507

    Chapter 23

    Risk Underwriting - Strategy and Governance 513

    Underwriting Context 513

    Underwriting Strategy 518

    Underwriting Governance 522

    Chapter 24

    Risk Underwriting - Technical Tools 527

    Retail Segment: "Scoring" Models 527

    Commercial Lines: Leveraging Expert Judgment 535

    Underwriting Structured Solutions 541

    Underwriting Controls, Validation and Learning 542

    Chapter 25

    Risk Underwriting - From Technical Pricing to Value Maximization 549

    Technical Production Cost: RAPM Pricing 549

    From Technical Pricing to Optimal Price 558

    Chapter 26

    Managing Operational and Reputational Risks 571

    Defining Operational Risk 571

    Managing Operational Risk 581

    Chapter 27

    Risk and Limit Controlling 589

    Risk Reporting 589

    An Effective Risk Limit Framework 601

    Final Thoughts on Risk and Limit Reporting 606

    Appendices Appendix A: Market Multiple Approaches 609

    Appendix B: Derivation of Steady-State Valuation Multiples 613

    Appendix C: Valuing Banks and Insurers: The Link Between Value and New Business and Investment RAPM 621

    Appendix D: Beyond Debt and Equity 629

    Glossary 641

    References 653

    Index 675