The distress of the nation's financial giants may involve faulty risk management, but risk management was often ignored, according to one expert.
Making a bad situation worse, "there was no government fail safe built into the risk management framework," and many risk management warnings were dismissed by management, said Carol Fox, senior director, risk management of Convergys Corporation, speaking at a Webinar.
"Some say the current economic crisis is a failure of risk management," she said, adding that while an abundance of articles written on the topic say this is the case, "it's important to note that risk management as a business discipline didn't fail."
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