A variety of post-mortems into the causes of the financial crisis were published over the course of 2008, from the Financial Stability Forum to the Senior Supervisors Group. One common theme running through the reports is that financial institutions put too much emphasis on key risk metrics such as value-at-risk and attached less importance to stress testing. Most showed a lack of imagination when coming up with stress-test scenarios - for example, failing to anticipate the possibility that
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