CROs Share Lessons Learned
Goldman, Wachovia, JP Morgan risk chiefs discuss function, post-credit crisis
The risk management function has taken on a considerably higher profile since the Securities Industry & Financial Markets Association (Sifma) held its last annual risk conference. The subprime meltdown, the near-collapse of Bear Stearns, continuing turmoil in the credit markets and operational risk disasters such as the rogue trading losses at Societe Generale have all subjected the discipline to heightened scrutiny. At this year's conference on June 25 in New York, chief risk officers from three major firms talked frankly about the impact of the credit crisis, what they have learned and how it is affecting their approach to risk management. A panel comprised of CROs Craig Broderick of Goldman Sachs, David Kimm of Wachovia Securities and Barry Zubrow of JP Morgan Chase & Co. answered a series of questions posed by Sifma president and chief executive Timothy Ryan. Excerpts of the discussion follow.
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