Risk and Governance
First published:
ISBN: 9781782723271
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The Mission, Organisation and Governance of Risk Management
Introduction: The Confluence of Risk and Governance
Corporate Governance, Information and Control
The Nature of Corporate Governance in Banking
Regulation and Governance
The Centrality of Risk Management
The Mission, Organisation and Governance of Risk Management
A Cartography of Banking Risks
Operations Risk in Extreme Market Conditions
Managing Legal Risk
Managing Reputation Risk
Drawing Boards: Motivations and Responsibilities in the Boardroom
Executive Compensation: Performance, Regulation and Ethics
Fair Value, Auditing and Internal Controls
Risk Management and the Role of Culture
The Board of Directors
Compensation
Auditing, Reporting and Disclosure
Over the years, the field of financial risk management has seen growth. The number of books, journals, conferences and courses available on the subject, as well as the amount of money spent by financial institutions, investing both in people and in technology, has grown higher than ever. At almost the same time, we have witnessed some of the most dramatic banking disasters, derivative losses and bankruptcies. Although we are used to taking it for granted, it is appropriate here to spend some time looking at the raison d’être of risk management, especially as its role and effectiveness has been called into question since the 2008–09 crisis. We should also be aware that governance is a problem for risk management, and is perhaps more important than sophisticated mathematical models and powerful computers.
THE MISSION OF RISK MANAGEMENT
No risk manager would likely protest if presented with a definition along the following lines. Risk management provides management with an independent view on the risk of each operation and portfolio. Risk management gathers, analyses, monitors and reports on the risks of a bank’s positions to allow managers and staff throughout the organisation to
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