Anything that deviates from the normal is termed as risk. This definition looks simple but in real sense breaking it down into components is the most difficult thing. Analysis of what is “normal” and what is “abnormal” and also the measure for deviation is what researchers are exploring...

Recent financial disasters have emphasized the importance of effective risk management for financial industry. The increased volatility of financial markets has induced researchers, practitioners and regulators to design and develop more sophisticated risk management tools. Over the past two...