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Risk management still has its weak spots, despite the valuable lessons banks learned from the financial crisis. Practitioners wonder if stopping the next blow-up is even a reasonable goal for the profession.
September 3 -
Perhaps, given the wild ride of the past decade, banking can learn something from aviation, an industry that has posted an impressive and improving safety record over a similar time span.
September 3
On July 16 American Banker sat down to discuss critical issues in risk management with three practitioners who weathered the 2008 financial crisis in prominent positions.
Thomas Day, now at Sungard, served as the OTS' risk management officer between early 2008 and 2010. Donald Truslow, now the head of the Financial Stability Industry Council, was Wachovia's chief risk officer until a few months before the bank nearly failed and was sold to Wells Fargo. Clifford Rossi, now a professor at the University of Maryland, left a series of emails flagging Countrywide's shoddy controls before leaving the firm for Citi, where he headed consumer financial risk during the aftermath of the crisis. Watch highlights of the discussion in the clips below.
