I am impressed by the range of interesting subjects covered in your program, and I hope that my remarks on enterprise risk management will be informative as well. Today I will look at some recent cases in which we believe bankers and supervisors have learned some key lessons about enterprise risk management, or ERM.
Moreover, our systems are not developed in a distant “ivory tower”, nor are they decreed to the market. In order to ensure that they are actually being used, market participants are actively involved in the design of our systems.