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Financial regulation and risk management: addressing risk challenges in a changing financial environment

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  • Ojo, Marianne

Abstract

Amongst other goals, this paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. In addressing the problems posed as a result of the difficulty in quantifying risks, it will consider means whereby risks can be quantified reasonably without the consequential effects which result from the dual nature of risk, that is, risks emanating from the management of institutional risks. “Socio cultural” explanations which relate to how risk is increasingly becoming embedded in organisations and institutions will also be considered as part of those factors attributable to why the financial environment has become transformed to the state in which it currently exists. A consideration of regulatory developments which have contributed to a change in the way financial regulation is carried out, an illustration of how the financial industry and the approach to financial regulation have been transformed by the rapid growth of the hedge funds industry, will also constitute focal points of the paper.

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File URL: http://mpra.ub.uni-muenchen.de/27424/
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File URL: http://mpra.ub.uni-muenchen.de/32403/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27424.

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Date of creation: Apr 2009
Date of revision: 14 Dec 2010
Handle: RePEc:pra:mprapa:27424

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Keywords: risk; regulation; banks; regulators; audit; financial; hedge funds; governmentality theory; risk society; cultural theory;

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  1. Baldwin, Robert & Cave, Martin, 1999. "Understanding Regulation: Theory, Strategy, and Practice," OUP Catalogue, Oxford University Press, number 9780198774389, September.
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