[...]This article examines the economic rationale for managingrisk on a firmwide, consolidated basis. Our goal is to lay outsome of the key issues that supervisors and risk managementpractitioners have confronted in assessing and developingconsolidated risk management systems. In doing so, we...

This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and...