But we must not underestimate our own responsibility as South Africans to develop our own potential and to run our economy responsibly and efficiently.
However, the development of risk management practices for these products has not kept pace with their growing use and systemic importance as the financial crisis demonstrated in a number of instances, such as the Lehman default and the near-defaults of AIG and Bear Stearns. 2  Acharaya and Richardson (2009): “Restoring Financial Stability”, Wiley Finance.