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Risk Management in Banking: Beyond the Credit Crisis

Jörg Hashagen, Nigel Harman, Michael Conover and Jitendra Sharma
The Journal of Structured Finance Spring 2009, 15 (1) 92-103; DOI: https://doi.org/10.3905/JSF.2009.15.1.092
Jörg Hashagen
is a partner at KPMG Germany in Frankfurt, Germany.
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  • For correspondence: joerghashagen@kpmg.com
Nigel Harman
is a partner at KPMG U.K. in London, U.K.
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  • For correspondence: nigel.harman@kpmg.co.uk
Michael Conover
is a principal at KPMG U.S. in New York, NY.
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  • For correspondence: mconover@kpmg.com
Jitendra Sharma
is a principal at KPMG U.S. in New York, NY.
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  • For correspondence: jitendrasharma@kpmg.com
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Abstract

The credit crisis has forced banks to take a critical look at how they manage risk and has exposed some significant weaknesses in risk management across the financial services industry. On first examination, the current predicament appears to stem from the pursuit of revenue growth in a world of easy credit. The reality of course is more complex, and a number of themes emerge from a recent survey conducted by KPMG and the Economist Intelligence Unit: weaknesses in risk culture and governance, gaps in risk expertise at the non-executive board level, lack of influence of the risk function, lack of responsibility and accountability on the part of those on the front line, a compensation culture too oriented toward year-on-year profit increases, and business models that were overly reliant on ample market liquidity.

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The Journal of Structured Finance
Vol. 15, Issue 1
Spring 2009
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Risk Management in Banking: Beyond the Credit Crisis
Jörg Hashagen, Nigel Harman, Michael Conover, Jitendra Sharma
The Journal of Structured Finance Apr 2009, 15 (1) 92-103; DOI: 10.3905/JSF.2009.15.1.092

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Risk Management in Banking: Beyond the Credit Crisis
Jörg Hashagen, Nigel Harman, Michael Conover, Jitendra Sharma
The Journal of Structured Finance Apr 2009, 15 (1) 92-103; DOI: 10.3905/JSF.2009.15.1.092
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  • Article
    • Abstract
    • ALL RISKS ARE INTERCONNECTED
    • ADDRESSING RISK GOVERNANCE AT ALL LEVELS
    • TOWARDS HOLISTIC RISK MANAGEMENT
    • KEY SURVEY FINDINGS
    • THE EMERGING INFLUENCE OF THE RISK FUNCTION
    • RISK EXPERTISE ACROSS THE ORGANIZATION
    • TOOLS FOR MEASURING AND MANAGING RISK
    • CONCLUSIONS: LOOKING FORWARD
    • PARTICIPANTS AND METHODOLOGY
    • ENDNOTES
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