Failures in risk management

Abstract

Risk management has received increasing attention in recent years, both from academics and from practitioners. The number of academic articles indexed in the Journal of Economic Literature containing the key word “risk ” in the subject description increased from 545 per year in 1988 to 859 in 1998, and the membership of the Global Association of Risk Professionals (GARP) has grown to over 8,500 since its founding in late 1996. The heightened interest in risk management is the result of a number of coincident secular trends. Globalization of trade and production have increased financial and direct investment in volatile emerging markets. In addition, in both developed and emerging economies, capital markets have become more important as a means of allocating resources. As a result, both banks and nonfinancial firms find that the number, type, and extent of their exposures have increased significantly. Finally, a spate of volatile financial innovations are simultaneously a source of risk and a

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