Yves Mersch: Central bank risk management in times of monetary policy normalisation Speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the International Risk Management Conference, Paris, 8 June 2018.
* * * Risk management has come a long way since Edward Altman introduced the z-score to measure the likelihood of bankruptcy in 1968, and the financial crisis has brought about significant changes in risk management for commercial banks and central banks alike.