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Practice paper

Risk management lessons learned from the financial crisis: One CRO's view

Thomas C. Wilson
Journal of Risk Management in Financial Institutions, 6 (2), 167-177 (2013)
https://doi.org/10.69554/PMAC7726

Abstract

This paper traces the development of risk management practices at large financial services firms before, during and after the financial crisis of 2008 and the 2012 European sovereign debt crisis. It begins by outlining how enterprise risk management provides the foundation for crisis management, leveraging quantitative and qualitative tools such as top risk assessment (TRA) and own risk and solvency assessment (ORSA). While adequate for ‘normal’ times, these practices need to be enhanced during times of crisis. In the second section, the paper discusses improvements in two specific areas: first, improving scenario and impact analysis and, secondly, achieving higher management impact through direct and contingent actions. The final section looks forward, asking critically how risk management and especially risk culture need to be developed in anticipation of future crises.

Keywords: enterprise risk management; crisis management; scenario analysis; stress testing; contingency planning; own risk and solvency assessment (ORSA); top risk assessment (TRA)

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Author's Biography

Thomas C. Wilson is Chief Risk Officer of Allianz SE. He has held risk and finance positions in Dresdner Bank, ING and Swiss Re, and led the risk practices of Oliver Wyman & Company and McKinsey & Company. He is the author of Value and Capital Management (Wiley Finance Series), also published in Chinese, Korean and Japanese (forthcoming). He holds a BSc in business from the University of California Berkeley and a PhD in economics from Stanford.

Citation

Wilson, Thomas C. (2013, March 1). Risk management lessons learned from the financial crisis: One CRO's view. In the Journal of Risk Management in Financial Institutions, Volume 6, Issue 2. https://doi.org/10.69554/PMAC7726.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 6 / Issue 2
© Henry Stewart
Publications LLP

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