Ex-FSA's McCarthy wants more realism on risk
Financial institutions need greater realism and modesty about their risk management capability, said Callum McCarthy, a former chairman of the Financial Services Authority (FSA).
Giving his last speech as the chairman of the FSA, he said that the present troubles have exposed the fact that very many of the best regarded among the world's financial institutions had insufficient risk management systems.
"We have placed too much reliance on the ability of managers in individual firms to manage risk
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