Introduction

Risk management and trading systems have come under attack over the past 12 months. As the first investigations into the causes of the subprime credit crisis started to emerge earlier this year, model failure was identified as one of the key faults.

However, much of the blame centres on how models were used and the data entered into them, rather on the systems themselves. Banks relied too heavily on defective or incomplete pricing models, without challenging the outputs rigorously enough. The

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