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Failures of risk management.
Member rating: No Rating | Words: | Submitted: Mon Oct 18 2004
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Studies of recent failures of risk management suggest three underlying causes: dysfunctional culture, unmanaged organizational knowledge, and ineffective controls. The first and the last of these causes have been extensively discussed in the media. This article explores the importance of the second - knowledge management - as a more structured approach to: transferring knowledge to the business decision makers before it is needed, enabling the access of information as it is needed, and generating and testing new knowledge about the firm's changing risk management requirements. A Series of Risk Management Failures In the aftermath of recent risk management failures - such as at Baring Securities, Kidder Peabody, and Metallgesellschaft Refining & Marketing - many commentators are searching for common themes. It is becoming clear that such failures are not isolated incidents. Even a casual observer of the financial press could name other well-known organizations that have recently suffered...
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