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Governance, Risk Management, and Compliance: It Can't Happen to Us—Avoiding Corporate Disaster While Driving Success by Richard M. Steinberg

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Chapter 5

Risk Management and the Financial System's Near Meltdown

Now for the R in GRC—risk management. Before we get into what makes risk management processes really work effectively, let's look at what transpired in the near meltdown of the global financial system. It wasn't that long ago that we were on the brink of real disaster. And there's no doubt about the failure of risk management—by financial institutions, regulators, and others. We can learn important lessons from what transpired—here are the highlights.

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