Risk management was
considered an important part of financial markets. One of our major banks, now mainly in
public ownership, reputedly had 4000 risk managers. But the difficulty was seeing the risk to
the system as a whole rather than to any specific financial instrument or loan. Risk calculations
were most often confined to slices of financial activity, using some of the best mathematical
minds in our country and abroad. But they frequently lost sight of the bigger picture.
http://media.ft.com/cms/3e3b6ca8-7a08-11de-b86f-00144feabdc0.pdf
