Financial regulation and risk management: addressing risk challenges in a changing financial environment

Marianne Ojo

MPRA Paper from University Library of Munich, Germany

Abstract: Amongst other goals, this paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. In addressing the problems posed as a result of the difficulty in quantifying risks, it will consider means whereby risks can be quantified reasonably without the consequential effects which result from the dual nature of risk, that is, risks emanating from the management of institutional risks. “Socio cultural” explanations which relate to how risk is increasingly becoming embedded in organisations and institutions will also be considered as part of those factors attributable to why the financial environment has become transformed to the state in which it currently exists. A consideration of regulatory developments which have contributed to a change in the way financial regulation is carried out, an illustration of how the financial industry and the approach to financial regulation have been transformed by the rapid growth of the hedge funds industry, will also constitute focal points of the paper.

Keywords: risk; regulation; banks; regulators; audit; financial; hedge funds; governmentality theory; risk society; cultural theory (search for similar items in EconPapers)
JEL-codes: K2 (search for similar items in EconPapers)
Date: 2009-04, Revised 2010-12-14
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https://mpra.ub.uni-muenchen.de/27424/1/MPRA_paper_27424.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/32403/1/MPRA_paper_32403.pdf revised version (application/pdf)

Related works:
Working Paper: Financial regulation and risk management: addressing risk challenges in a changing financial environment (2011)
Working Paper: Financial Regulation and Risk Management: Addressing Risk Challenges in a Changing Financial Environment (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:27424

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