Both art and science - risk management in the 21st century

Risk managers in Asian banks need more than just a grasp of models - they need to know the art of managing risks.

At a seminar hosted by the City University of Hong Kong and Riskmetrics Group, Riskmetrics' CEO Ethan Berman outlined his vision of what risk management was in today's volatile market, with a special focus on banks and their changing regulatory concerns.

Berman, an alumnus of JPMorgan's groundbreaking risk management group, began by saying what most in the financial market already knew that finance these days is all about managing risk. And in Asia, the main risks that banks face are credit risks and operational risks. The real challenge for Asian banks is not about creating the mathematical models, but rather to put in place a credit culture that moves away from relationship banking...

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