Reality bites
Op risk management no longer sits solely in the theoretical space, and has been brought down to earth with a thud. Patrick de Fontnouvelle of the Federal Reserve Bank of Boston predicts 2010 will be a year of focusing on the practicalities of implementing models that really work.
Risk management failed spectacularly in the build-up to the recent crisis, and operational risk managers and systems provided little shelter from the financial turmoil. For some time now, the financial community has been able to look back to try to understand what went wrong and absorb some lessons from the crisis.
Patrick de Fontnouvelle, vice-president in the supervision and regulation
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