Banks: Placing Risk Management in the Commons
The day-to-day gambles of Wall Street almost brought down global capitalism and yet, so far, nothing fundamentally has changed. Restoring long-term confidence in the financial services industry requires more than individual banks changing their behavior or even government intervention and new rules. The financial services industry needs a new modus operandi, where by all of the key player (banks, insurers, investment brokers, rating agencies, and regulators) embrace principles such as transparency, integrity, collaboration and sharing of information.