Financial globalization has given an impetus to the development and innovation in financial products. However, at the same time, it has complicated banking regulations and its consequent risk management mechanisms. The GFC and consequent Basel III have accentuated the importance of operational...

This paper identifies the science of governance as a crucial blind spot for risk managers, company directors, regulators and law makers. There is little evidence that law-makers, corporate governance reformers or risk managers apply the science of governance identified 60 years ago. As a result,...

The well-documented banking company failures that occurred in the UK over 2007 and 2008 have enhanced the importance and scope of the risk management function performed by boards. It is consequently a universal expectation of non-executive directors (NEDs) today that they provide high-level...

We propose the National Transportation Safety Board (NTSB) as a model organization for addressing systemic risk in industries and contexts other than transportation. When adopted by regulatory agencies and the transportation industry, the safety recommendations of the NTSB have been remarkably...

Legal scholarship has been silent about a phenomenon with profound implications for governance: the automation of compliance with laws mandating risk management. Regulations - from bank capitalization rules, to Sarbanes-Oxley's provisions on financial fraud and misrepresentation, to laws...

As observed in at least the last two decades, financial engineering has not only changed the way in which business is conducted in the finance world, but also the daily life of the average citizen in the leading economies. Structured products have been deemed weapons of mass destruction in some...

The paper shows the ways of disclosing financial risks by IFRS 7 and certain types of sensitivity analysis. The different possibilities of preparing a sensitivity analysis, such as value at risk are illustrated and their suitability for reporting are faced critically. Following, the manner of...

The paper shows the ways of disclosing financial risks by IFRS 7 and certain types of sensitivity analysis. The different possibilities of preparing a sensitivity analysis, such as value at risk are illustrated and their suitability for reporting are faced critically. Following, the manner of...

The paper shows the ways of disclosing financial risks by IFRS 7 and certain types of sensitivity analysis. The different possibilities of preparing a sensitivity analysis, such as value at risk are illustrated and their suitability for reporting are faced critically. Following, the manner of...