While the governance of a bank's risk-management program comes from the top down, a successful program will involve staff at all levels, and in more than one department. In other words, while senior  BIS Review 26/2003  3  management bears the ultimate responsibility for successfully managing the compliance risks, management alone cannot contain these risks.
There he noted his “nostalgia for one of Schumpeter's main themes, namely that economic analysis should concern itself with the process of change, with its succession of cumulative or compensating imbalances, rather than with movements around some identifiable state of equilibrium.”21 I was intrigued to figure out what exactly Alexandre Lámfalussy had in mind when referencing Schumpeter’s idea.