After I hailed the benefits of enterprise risk management in my Feb. 9 blog, suggesting that a chief risk officer might have helped AIG avoid some of the systemic exposures that nearly destroyed the company (and our economy along with it), readers took me to task for failing to note that such an individual actually was on the case, and what that might mean for ERM's validity.
As it turns out, AIG did indeed have in place a vast ERM oversight structure, led by a CRO–for all the good it did the firm and those of us paying to bail them out.
In any case, I apologize for failing to do my homework before spouting off about how ERM might have saved AIG, and us taxpayers, a lot of money and grief.
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