Many people around the world suffered from financial losses as various financial markets dropped in the fall of 2008, even after the $700 billion bailout bill was passed by the U.S. Congress
According to a global survey of 316 financial services executives, over 70 percent of respondents believed that the losses stemming from the credit crisis were largely due to failures to address risk management issues
They identified several challenges in implementing risk management, including data and company culture issues