Short-termism rules

Asset Management

As asset management firms look to save money, the axe is falling on the operational risk department. In some cases, only skeleton teams are left at a time when more and more is being asked of them - a response to the crisis that practitioners say is evidence that senior management doesn't recognise the value of risk management.

At the end of 2008, five redundancies at Gartmore's London offices slashed the head count in the firm's op risk and audit department to one. The department head, Laura Sc

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