Banks have made great progress in managing and controlling risk, but the rapidly changing environment presents constant surprises and problems, the world's leading bankers were told Tuesday.

Bankers should not underestimate the potential for disruption from many corners, including troubles in Asia, the year-2000 problem, a sudden rise in interest rates, and a reversal in robust equity markets, said a panel of speakers at the International Monetary Conference. They addressed reporters following a closed-door session with about 100 bankers.

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