"The Prayer" - Ten-Step Checklist for Advanced Risk and Portfolio Management
Garp Risk Professional

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We present "the Prayer", a recipe of ten sequential steps for all portfolio managers, risk managers, algorithmic traders across all asset classes and all investment horizons, to model and manage the P&L distribution of their positions.
For each of the ten steps of the Prayer, we introduce all the key concepts with precise notation; we illustrate the key concepts by means of a simple case study that can be handled with analytical formulas; we point the readers toward multiple advanced approaches to address the non-trivial practical problems of real-life risk modeling; and we highlight a non-exhaustive list of common pitfalls