haku: @indexterm Crises / yhteensä: 403
viite: 19 / 403
| Tekijä: | Jorion, P. |
| Otsikko: | Risk management lessons from the credit crisis |
| Lehti: | European Financial Management
2009 : NOV, VOL. 15:5, p. 923-933 |
| Asiasana: | financial crises risk management models credit crises |
| Kieli: | eng |
| Tiivistelmä: | Undepending of risk management (hereafter as: r-mgmt.), big losses can occur due to business decisions and bad luck. There have been serious deficiencies encountered in risk models in the light of the events of 2007 and 2008. For some firms, risk models failed because of known unknowns. In 2008, risk models largely failed due to unknown unknowns, incl. regulatory and structural changes in capital markets. There is a need for r-mgmt. systems to be improved and a greater emphasis set on stress tests and scenario analysis. In practice, this can only be based on position-based risk measures etc. |
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