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Traditionally, the regulatory financial framework has been organized in order to detect frauds and "Imprudent" risk management, and to make sure that economic incentives are set "Properly" to promote smooth economic growth. The current financial crisis has shown one more time that this type of framework is not appropriate. As the severity of the financial crisis deepened, several reports have been published to provide some advice to reform the financial system. All the reports note that a reform is necessary in order to account for systemic risk and to improve risk management.
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