When the International Monetary Fund (IMF) meted out its $57 billion rescue package to South Korea at the height of the Asian crisis in December 1997, one of the many conditions laid out to the country’s government was the need for effective risk management within the banking sector. More than five years on, there’s little doubt that South Korea’s banks have made giant strides in implementing risk measurement and management systems. Non-performing loans for corporate borrowers have
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