Learning from subprime

An important lesson to learn from the current financial crisis is that there is a lot operational risk management can teach financial firms about their approach to the more commonly discussed market and credit risk, says Tsuyoshi Oyama

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The aftershocks from the subprime crisis are still shaking the global banking community. Alas, this is another nightmare for risk managers, many of whom have only just recently finished their Basel II implementation projects. Regulators around the world, and consequently banks' senior managers, have continuously put pressure on risk managers to establish new risk management systems able to withstand another perfect storm.

Risk managers, particularly in the areas of market and credit risk, have

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