31 Taylor, who is Professor of Economics at Sanford University, defines a systemic risk in the financial sector as “a risk that impacts
the entire financial system and real economy, through cascading, contagion and chain-reaction effects.”
32 KPMG International (2009) “Never Again? Risk Management in Banking beyond the Credit Crisis”. The paper recorded the
results of a survey carried out in October 2008 by the Economist Intelligence Unit and involving over 500 senior managers involved
in risk management from leading banks from around the world. Respondents were asked to identify the weaknesses in the risk
management that contributed to the crisis and the actions being taken to prevent a catastrophe reoccurring.