As someone has famously said, what you cannot see, you cannot measure and what you cannot measure, you cannot manage. For such is the insidiousness of risk that its under-pricing is perceived as low, or no risk, and, therefore, policy makers, regulators, supervisors, economic agents including banks, business and industry are caught unawares and blind-sided when risk suddenly eventuates.
* * *  15 September marks the tenth anniversary of the collapse of the US investment bank Lehman Brothers. You were then the chief banking supervisor at the Federal Financial Supervisory Authority (BaFin). Do you remember that day? Yes, I can remember it vividly. I was in the BaFin that weekend and participated in the crisis calls with the international supervisors.