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2016FRM_Stulz_Risk_Failures.pdf
Fisher College of Business
Working Paper Series
Charles A. Dice Center for
Research in Financial Economics
Risk Management Failures: What Are They
and When Do They Happen?
René M. Stulz, Department of Finance, The Ohio State University,
NBER, and ECGI
Dice Center WP 2008-18
Fisher College of Business WP 2008-03-017
October 2008
This paper can be downloaded without charge from:
/abstract=1278073
An index to the working paper in the Fisher College of
Business Working Paper Series is located at:
/link/Fisher-College-of-Business.html
Electronic copy available at: /abstract=1278073
Risk management failures: What are they and when do
they happen?
René Stulz*
October 2008
Abstract
A large loss is not evidence of a risk management failure because a large loss can happen
even if risk management is flawless. I provide a typology of risk management failures
and show how various types of risk management failures occur. Because of the
limitations of past data in assessing the probability and the implications of a financial
crisis, I conclude that financial institutions should use scenarios for credible financial
crisis threats even if they perceive the probability of such events to be extremely small.
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