Risk management through the lens of macroprudential policy

Jeroen Brinkhoff, Sam Langfield, Francesco Mazzaferro, Carmello Salleo and Olaf Weeken

Journal of Risk Management in Financial Institutions, 2013, vol. 6, issue 2, 120-128

Abstract: Before the beginning of the crisis in 2007–8, regulation failed to cope with the complexities of modern finance and paid insufficient attention to systemic risk. Similarly, risk managers in financial institutions tended to focus on risks in their financial institutions, neglecting systemic risk. Regulators worldwide are now addressing these deficiencies. One important dimension of regulatory reform is the creation of macroprudential authorities, such as the European Systemic Risk Board (ESRB), specifically tasked to focus on systemic risk. To address such risks, the ESRB has issued recommendations that will influence the behaviour of financial institutions. Work is ongoing to develop fully fledged macroprudential policies, which in combination with other regulation will help prevent or mitigate future crises.

Keywords: European Systemic Risk Board; financial crisis; macroprudential policy; systemic risk; risk management; regulation (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2013:v:6:i:2:p:120-128

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