A single umbrella

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Bear Stearns decided earlier this year to shake up its approach to risk. Rather than having separate groups responsible for credit and market risks, the bank opted to amalgamate all its risk functions - credit, trading and operational risk - under single management. In doing so, it appointed Michael Alix, previously head of global credit risk, as its first chief risk officer.

The new structure, says Alix, will allow the bank to put greater focus on operational issues. "Often in our trading

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