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Almost two years since the financial crisis first emerged from the sub-prime mortgage business in the US, the repercussions continue to be felt. Despite unprecedented efforts by governments, central banks and regulators, the cost to the global economy of the failure of the financial system will be huge, and felt over an extremely long period. The way in which financial institutions identify, assess and manage risks continues to fall under intense scrutiny. The crisis has exposed the shortcomings of a whole host of risk techniques, and major soul-searching is now underway to ensure that the risk and controls functions in financial institutions will be more robust, authoritative and accountable in future.
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