Inside Rensselaer
Volume 7, No. 15, October 11, 2013

Risk Management and Simulation


Lally School Professor Authors Book on Growing Field of Risk Management

The challenges of the current financial environment have revealed the need for a new generation of professionals who combine training in traditional finance disciplines with an understanding of sophisticated quantitative and analytical tools. To that end, Aparna Gupta, associate professor and co-director of the Center for Financial Studies at the Lally School, has written a new book titled Risk Management and Simulation (CRC Press, 2013).

Risk Management and Simulation shows how simulation modeling and analysis can be utilized to solve risk management problems related to market, credit, operational, business, and strategic risk. The book presents simulation models and methodologies in an effective, user-friendly way to address many of these risk management problems.

According to Gupta, many strong career options are available for students who study risk management in their academic program, including positions such as risk analyst, senior risk specialist, risk management developer, or quantitative modeler—operational risk.

“In response to the global financial crises of the past years, careers in risk management will be essential for ensuring a more robust global financial system to prevent future crises,” said Gupta.

Gupta’s book utilizes applied examples, problems, and exercises that make it appropriate for academic courses, but also a valuable reference for certification exams, such as the Chartered Financial Analyst exams, Financial Risk Manager certification exams offered by the Global Association of Risk Professionals, Professional Risk Manager offered by the Professional Risk Managers’ International Association, and actuarial exams.

For the past 13 years, Gupta has developed and taught courses in financial engineering and quantitative methods in finance at the undergraduate and the graduate level at Rensselaer. She serves as the director of the master of science in financial engineering and risk analytics program at Lally, and the co-director of the Lally School Center for Financial Studies, which fosters high-quality research and learning.

“Lally School’s M.S. program in financial engineering and risk analytics, along with the activities of the Center for Financial Studies, are very timely and well-positioned to prepare a new generation of quantitatively trained finance professionals,” explained Gupta.

For more information on Gupta, visit

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Inside Rensselaer
Volume 7, Number 15, October 11, 2013
Rensselaer Polytechnic Institute
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