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Latest Blog Article

Risk Management in the Financial Industry: It’s the documentation, stupid!

An industry obsessed with risk management—and rightly so

A Russian security firm recently reported that cyber thieves have managed to steal about $1 billion from banks in 30 countries. Days later, the head of New York's Department of Financial Services warned that our financial system is vulnerable to disruption by "an Armageddon-type" cyber attack: a large-scale hack could damage the US economy as severely as the 2008 mortgage crisis. Add to that the financial industry's concerns about the uncertain and volatile global marketplace, increasing pressure from regulators and rising costs of doing business, and it's easy to see why risk management is such a hot topic nowadays in Wall Street boardrooms.

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