Risk Australia : Prudent Australia in bid to steer global risk policy

Speakers said senior officials around the world were well aware of potential risks in the financial system before the crisis started. They said financial models that attempted to quantify risks were not the reason for the crisis, rather senior policymakers and finance executives had deliberately chosen to ignore the potential risks that could cause severe distress in the financial system.

Delivering the keynote address, Jim Murphy, an executive director in the markets group at the Australian

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