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Crisis Wasted? Leading Risk Managers on Risk Culture


"This book is fantastic! It really tells people what they need to know and it sets out the interviews perfectly. There are three people who cannot, or should not, sleep easily now: the heads of risk, compliance and government relations. This book will help them immeasurably."
— TOM WHEELWRIGHT, Managing Director, Bower Group – Australia


Since the 2008 financial crisis, one that shook the entire global community, risk management has become an intense area of focus for all organisations. While there have been high levels of introspection and changes to key processes, many financial houses are still vulnerable and continue to experience large losses as a result.

In Crisis Wasted?: Leading Risk Managers on Risk Culture editors Frances Cowell and Matthew Levins – together with a team of industry notables – examine the precarious financial marketplace and offer their expert advice on how organisations can deal effectively with day-to-day risk challenges.

Designed to be practical and accessible, Crisis Wasted? covers a broad range of the most urgent topics facing today's organisations and risk managers. The contributors offer an in-depth analysis of such issues as: operational risk and risk culture; enterprise-wide risk management in a global operation; the fundamental differences in international regulation and practices; and suggestions for hiring and training effective risk managers.

Through interviews with leading risk management professionals from around the world, drawing on their insights in vital areas of risk, practitioners and organisational leaders will find practical solutions to their risk management challenges. With Crisis Wasted? as their guide, risk managers will gain the information and insights needed to help them handle risk crises in the future.

Crisis Wasted? is an essential resource for professionals responsible for minimising organisational risk, as well as those who want to better understand the risk culture of today's world.

FRANCES COWELL is a specialist investment risk consultant working with R-Squared Risk Management in Paris and London. She is a founding director of the London Quant Group, a not-for-profit that provides a forum for discussion of practical issues in quantitative investment techniques.

MATTHEW LEVINS is a risk consultant with a practice that spans banks in China, Asia and Australia. Previously, he directed trading, broking, capital market and risk practices in Australia, working for leading firms.

Preface ix

Acknowledgements xvii

About the Authors xix

Chapter 1 Setting the Scene 1

Chapter 2 Background 7

Chapter 3 Sir Michael Hintze 37

Chapter 4 John Breit 59

Chapter 5 Bill Muysken 85

Chapter 6 Hugo B¨anziger 103

Chapter 7 Carol Alexander 119

Chapter 8 Mark Lawrence 141

Chapter 9 Paul Bostok 181

Chapter 10 Todd Groome 205

Chapter 11 Richard Meddings 227

Chapter 12 Adrian Blundell-Wignall 259

Chapter 13 Innovations 279

Chapter 14 Interpretation 295

Appendix A Risk Silos 309

Appendix B The Mechanics of Selected Financial Products 313

Appendix C Basel I, II and III - Risk Weightings 321

Glossary of Terms 323

Glossary of People 347

Further Reading 353

Bibliography 361

Index 367