Governance and Control of Financial Systems: A Resilience Engineering Perspective

by Gunilla Sundström, Erik Hollnagel

Overview

This book illustrates how the safety science of Resilience Engineering can help to gain a better understanding of what the financial services system is and how to improve governance and control of financial services systems by leveraging some of its key concepts. Resilience is the intrinsic ability of a system to adjust its functioning prior to, during, or following changes and disturbances, so that it can sustain required operations under both expected and unexpected conditions.

Product Details

ISBN-13:	9781409486794
Publisher:	Ashgate Publishing Ltd
Publication date:	10/01/2012
Series:	Ashgate Studies in Resilience Engineering
Sold by:	Barnes & Noble
Format:	eBook
File size:	18 MB
Note:	This product may take a few minutes to download.

About the Author

Gunilla Sundström is a global professional and consultant with a passion for Financial Services, Outsourcing/Offshoring and R&D. She has a proven leadership, execution and innovation track record in several areas including outsourcing/offshoring, decision support and analytics for operations, resilience engineering, governance and risk management. She has held leadership positions in a variety of industries including R & D, Financial Services and Global Sourcing. She currently holds the position of Head of Global Sourcing at Deutsche Bank. Gunilla Sundström has published more than 60 papers; holds two US Patents and has been awarded IEEE-Systems, Man and Cybernetics' outstanding contributions award. She currently serves on the editorial boards of the International Journal of Human Computer Interaction and the International Journal of Cognition, Technology & Work. She holds a Dr. Phil. degree from the University of Mannheim, Germany. Erik Hollnagel (Ph.D., psychology) is Professor at the University of Southern Denmark, Professor and Industrial Safety Chair at École des Mines de Paris (France), and Professor Emeritus at University of Linköping (Sweden). Since 1971 he has worked at universities, research centres, and industries in several countries and with problems from several domains, including nuclear power generation, aerospace and aviation, air traffic management, software engineering, healthcare, and land-based traffic. His professional interests include industrial safety, resilience engineering, accident investigation, cognitive systems engineering and cognitive ergonomics. He has published more than 250 papers and authored or edited 17 books, some of the most recent titles being The ETTO Principle (Ashgate, 2009), Resilience Engineering Perspectives: Preparation and Restoration (Ashgate, 2009), Resilience Engineering Perspectives: Remaining Sensitive to the Possibility of Failure (Ashgate, 2008), Resilience Engineering: Concepts and Precepts (Ashgate, 2006), and Barriers and Accident Prevention (Ashgate, 2004). Erik Hollnagel is Editor-in-chief of the series Ashgate Studies in Resilience Engineering and is on the editorial boards of nine international scientific journals.

Table of Contents

Contents: Prologue; The turmoil in the financial services system, Gunilla Sundström and Erik Hollnagel; Section I Understanding Why: the Need for New Perspectives: Gunilla Sundström and Erik Hollnagel; What is the financial services system?, Gunilla Sundström and Erik Hollnagel; A dynamic systems modelling perspective, Gunilla Sundström and Erik Hollnagel; From the efficient market hypothesis to econophysics, Bill McKelvey and Rossitsa Yalamova. Section II Understanding What: Making Sense of Unpredictable Events and Developments: Erik Hollnagel and Gunilla Sundström; The 2007 liquidity crisis: an example of scalability dynamics in action, Bill McKelvey and Rossitsa Yalamova; Taming manias: on the origins, inevitability, prediction and regulation of bubbles and crashes, Jeff Satinover and Didier Sornette; Using power laws and the Hurst exponent to identify stock market trading bubbles, Rossitsa Yalamova and Bill McKelvey. Section III Understanding How: Turning Financial Services Systems into Resilient Systems: Erik Hollnagel and Gunilla Sundström; Balancing different modes of uncertainty management in the financial services industry, Gudela Grote; Financial resilience engineering: toward automatic action formulas against risk and reckless endangerment, Bill McKelvey and Rossitsa Yalamova; The ability to regulate, govern and control financial systems, Gunilla Sundström and Erik Hollnagel; Epilogue: financial markets and the law of requisite variety, Erik Hollnagel and Gunilla Sundström; References; Indexes.