Risk management: how to prepare for the next crisis

Nigel Milbank believes one of the causes of the recent financial crisis was risk professionals’ failure to persuade their organisations of the importance of risk management. Here, he outlines 10 ways to get people on board the risk train and to better prepare for the next crisis

Much has been written about the shocking events of the financial crisis. No-one predicted banks and other institutions would collapse or suffer losses to the degree they did, and not in our lifetimes have we witnessed bank bailouts on such a scale across the globe.

The inevitable ‘blame-game’ has put banks in the spotlight, along with regulators, rating agencies, boards, auditors, shareholders and risk people. The reasons for the financial crisis are wide ranging and include the macro economy