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Scandals, bad trades, regulatory reform and
job cutting. It's no wonder that risk managers were stressed out in
2012. |
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The corporate pressure-cooker can take a
heavy personal toll on anyone in the senior ranks, but it has hit
risk managers especially hard. |
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Banks are spending billions to meet new OTC
derivatives market requirements -- and ultimately to be ready for
new business opportunities. |
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In the wake of a massive trading loss,
JPMorgan's risk policy committee came under scrutiny -- and raised
concerns about potential industry-wide problems. |
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Serious lapses in operational risk control
have been at the heart of the major trading scandals of the past
two decades, from the Kidder fiasco in 1994 through the UBS
meltdown last year. |
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In the wake of the crisis, there was a
growing consensus that CROs not only belonged in the C-suite, but
that they could ultimately compete for CEO jobs. That has not
happened as quickly as some were anticipating. |