The Key to Risk Management: Management

Adrian Tschoegl ()

A chapter in Risk Management, 2005, pp 721-739 from Springer

Abstract: Abstract The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management failures rather than misfortune, errors, or complexity are a major source of the risk of financial debacles. These errors are systematic and are a concommittant of the structure of trading and of human nature. Risk management systems must take these facts into account. Two years after this chapter first appeared, John Rusnak, a trader at Allied Irish Bank’s US subsidiary lost US$691m in unauthorized trading.

Keywords: Risk Management; Foreign Exchange; Principal-Agent; Failure (search for similar items in EconPapers)
Date: 2005
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Working Paper: The Key to Risk Management: Management (2000)
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DOI: 10.1007/3-540-26993-2_37

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