Risk managers have also learned that the liquidity of financial assets and institutions is much more fragile than they had previously thought, especially in transactions based financial systems, and that a drying up of liquidity can generate large losses in asset values.
The value of rating agencies and the ratings that they provide have also become the subject of critical review as a result of their performance in the run up to the global financial crisis. Reputable rating agencies issued Panglossian ratings for securities, such as collaterised debt obligations, the risks of which they did not properly understand.