Is risk management now mainstream? If the events of 2002 didn’t make it so, probably nothing will. But when the Wall Street Journal starts publishing feature articles about credit derivatives on its front page, as it did last year, it’s an indication that risk management issues have moved to the forefront of business thinking.
The tumultuous year certainly tested the mettle of even the most sophisticated dealers. Credit losses torpedoed many banks, skyrocketing interest rate volatility put prici