CBA’s Alden Toevs on enterprise risk management
A major failure of risk management highlighted by the global financial crisis was the inability of financial institutions to view risk on a holistic basis. Wietske Blees speaks with Commonwealth Bank of Australia’s chief risk officer, Alden Toevs, about the group’s approach to enterprise risk management, including a China stress test, and its deliberate pro-cyclical asset/liability mismatch
The global financial crisis exposed, with chilling clarity, the dangers of thinking in silos, particularly where risk management is concerned. Across the globe, a focus on individual risk exposures – without taking into consideration the broader picture – led to the build-up of complex, interrelated exposures that ultimately brought the financial system to the brink of collapse. In other words, it was a failure to consider risks on an enterprise-wide basis that was at the root of many of the
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