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Incentives to Improve the Corporate Governance of Risk in Financial Institutons

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  • Herring, Richard J.

    (University of PA)

Abstract

Although debates still rage over the causes of the financial crisis of 2007 - 2009, most analysts agree that faulty corporate governance of risk was a major contributing factor, if not the principal cause. Examples of failures in the governance of risk abound. An apparent lack of effective firm-wide oversight plagued many of the institutions that failed or required massive government intervention. Chief executive officers and boards appeared to have lacked an effective framework for imposing a consistent risk-appetite to constrain aggregate risk within acceptable limits.

Suggested Citation

  • Herring, Richard J., 2011. "Incentives to Improve the Corporate Governance of Risk in Financial Institutons," Working Papers 11-69, University of Pennsylvania, Wharton School, Weiss Center.
    • Handle: RePEc:ecl:upafin:11-69
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    File URL: http://fic.wharton.upenn.edu/fic/papers/11/11-69.pdf
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