Luca Celati's book will help traders to understand how the lessons of behavioural finance apply to them personally, and to begin the constructive process of self-examination and reflection. Written from the trenches of Risk Management, it has the ring of authenticity. Chapters 8 and 9 should prove to be eye openers for most readers.Hersh Shefrin, Mario L. Belotti Professor of Finance, Leavey School of Business, Santa Clara University, author of Beyond Greed and Fear, A Behavioral Approach to Asset Pricing, and Behavioral Corporate Finance. With its thorough analysis and rigorous empirical support, The Dark Side of Risk Management provides a comprehensive practical framework for human biases and risk frames in financial markets. Never forget how the brain of traders and managers is always the first line of defence against potential risk problems.T.J. Lim, Founding Partner, NewSmith Capital Partners Celati clearly illustrates the weaknesses of Risk Management.