As the financial crisis spreads and threatens the world economy, the importance of risk management has never been greater. Indeed, given the fact the crisis was not caused by any single type of risk but a mix of market risk, credit risk, operational risk and others, the urgency for banks to move to a holistic risk management approach cannot be overstated. “Everyone is thinking about this,” says Chris Matten, partner, financial services industry practices, PricewaterhouseCoopers (PwC). “This whole idea is, what is the right way to organise yourselves so as to get a truly holistic view of risk?”
Source: Asian Banker 9/24/2008
BIIA Newsletter September 2008
