What do you regard as the most significant development in risk management?
Personally, I think it is the increase in computer processing power. Supercomputers did exist ten years ago, but they were not, generally speaking, commercially available. Today, everyone has a computer on their desk capable of computing real-time VAR exposures. This in turn makes people more comfortable with VAR as a concept, especially now that VAR is tracked real time.
Five or ten years ago, risk management was something