A return to credibility

The financial crisis has exposed the fact that many banks merely paid lip service to risk management, as well as relying too heavily on quantitative techniques. However, genuine risk management requires judgement and a strong risk culture within a firm, argues Dan Borge


In the wake of the financial crisis, risk experts are having a hard time explaining why anyone should listen to them anymore. Financial engineers built inexplicably complex instruments that promised easy profits but delivered massive losses. Risk overseers were ignored by those in authority, or were cheerleaders for the business units they were supposed to monitor, or were blissfully unaware of what was actually going on.

To be fair, bad risk management was only one of the contributors to the

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