Risk governance at large banks: Have any lessons been learned?
Abstract
The role of the board of directors (or supervisory board) in overseeing risk at financial firms has come under scrutiny during the recent financial crisis. Similarly, questions have been asked about the authority of banks’ chief risk officers and the independence of the risk management function. Despite market and regulatory pressures, however, risk governance at large banks seems to have improved only to a limited extent since the beginning of the recent financial crisis and there is still significant room for improvement.
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Author's Biography
Alessandra Mongiardino is VP – Senior Credit Officer and team leader for Moody’s Risk Management Group. In her role she provides specialist expertise to Moody’s rating teams and has a regular dialogue on risk management practices with some of the largest financial firms worldwide, as well as with regulators and international bodies. Alessandra started her career as a specialist economist at the Bank of England. She holds a PhD in Economics from the University of Warwick and is a member of the Risk Who’s Who.
Christian Plath is VP Senior Analyst and team leader for Moody’s Corporate Governance Group. Chris is responsible for publishing corporate governance commentary on individual issuers, publishing topical research, conducting training for Moody’s analysts on corporate governance issues, and participating in rating committees across Moody’s various sector teams. Before joining Moody’s in 2005, he was associate director of the Global Corporate Governance Research Center at The Conference Board, an independent business membership and research organisation.
Citation
Mongiardino, Alessandra and Plath, Christian (2010, March 1). Risk governance at large banks: Have any lessons been learned?. In the Journal of Risk Management in Financial Institutions, Volume 3, Issue 2. https://doi.org/10.69554/DXYO5006.
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