# Opinion/Risk management

##### FRTB’s risk factor framework is more punitive than it seems

Regime’s constraints may mean risk factors drop in and out of modellability far more frequently than dealers think

##### Why liquidity risk is the silent clearing killer

A quant paper shows feedback effects can amplify CCP margin requirements in stressed markets

##### Why the leverage ratio distorts market-making

Darrell Duffie argues the rule hurts market efficiency for very safe assets

##### Risk managers: beware conventional 'wisdom'

Why the consensus view so often fails to predict seismic shocks

##### Relative values: JPM’s $260m China interns fine tops November losses Megan van Ooyen from SAS rounds up the top five op risk losses for November ##### How will banks suffer large op risk losses in the future? Eight interlocking trends mean more multi-billion-dollar losses to come ##### RBS mortgage mis-selling returns to haunt lender Megan van Ooyen from SAS rounds up the top five op risk losses for October ##### See the error of your VARs Commonly-used VAR estimation method shown to underestimate risk ##### A referendum on clearing Brexit margin calls show swaps CCPs are relying on funding strength of a handful of banks ##### The decline of the cash empire Alex Lipton: the last line of defence between us and punitive negative rates is paper currency ##### Why did the crisis cause such large op risk losses? Huge losses from the 2008 crisis can be seen as a short option position ##### Can the AMA be reborn? Regulators could rescue op risk modelling through Pillar 2, writes former supervisor ##### From Russian roulette to overcautious decision-making Risk-taking ought to be judged by its necessity, not likely outcomes, says Ariane Chapelle ##### Hidden risks for corporates in renewable energy PPAs Buyers face load, covariance and basis risks in typical agreements ##### Wells Fargo pays the price for ‘ghost account’ fraud Megan van Ooyen from SAS rounds up the top five op risk losses for September ##### Position vacant: unpicking energy’s hidden contract risks Complex, long-term supply deals present job opportunity for risk managers ##### Taking the FRTB plunge Banks entering chilly FRTB waters for first time facing fresh challenges ##### A conflict resolution strategy for capital allocation? A recently proposed method for capital allocation has the potential to resolve internal disputes ##### Blockchain: a solution looking for a problem While new financial technologies show considerable promise, many proposed applications are either naive or miss the mark outright ##### Dependence on collateral raises vital research questions Areas of focus should include collateral supply, reuse and circulation ##### The missing piece in operational risk appetite Setting an op risk appetite is illogical without reference to reward, argues Ariane Chapelle ##### AIG hit by$230 million settlement over MedPartners

Megan van Ooyen from SAS rounds up the top five op risk losses for August

##### Risk managers take note: Brexit was not a black swan

Protecting yourself against true black swans is the art of the possible, not the probable

##### When time is of the essence, shortcuts are still handy

‘New age’ quants might not like it, but speed can be traded for accuracy in spotting investment opportunities

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