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Keywords:risk management 

Journal Article
Bank corporate governance: a proposal for the post-crisis world

The corporate governance problems of banks are qualitatively and quantitatively different from those of other firms. The authors argue that a key factor contributing to this difference is the growing opacity and complexity of bank activities, a trend that has increased the difficulty of managing risk in financial firms. They also cite the governance challenges posed by the holding company organization of banks, in which two boards of directors?the bank?s own board and the board of the holding company that owns the bank?monitor the bank. This paradigm results in significant confusion about the ...
Economic Policy Review , Issue Aug , Pages 85-105

Working Paper
The limits of forward guidance

The viability of forward guidance as a monetary policy tool depends on the horizon over which it can be communicated and its influence on expectations over that horizon. We develop and estimate a model of imperfect central bank communications and use it to measure how effectively the Fed has managed expectations about future interest rates and the influence of its communications on macroeconomic outcomes. Standard models assume central banks have perfect control over expectations about the policy rate up to an arbitrarily long horizon and this is the source of the so-called ?forward guidance ...
Working Paper Series , Paper WP-2019-3

Newsletter
2015 Conference on Central Counterparty Risk Management: Resolution

The Federal Reserve Bank of Chicago hosted its second annual Conference on Central Counterparty Risk Management on November 3, 2015. Panelists from regulatory authorities, central counterparties (CCPs), CCP service providers, financial institutions, and resolution authorities discussed initiating CCP resolution proceedings, managing a CCP in resolution, and consultation and coordination during CCP resolution proceedings.
Chicago Fed Letter

Newsletter
Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy

The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their tenth annual risk conference on March 29?30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.
Chicago Fed Letter

Journal Article
The Gordon Gekko effect: the role of culture in the financial industry

Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the 2007-09 financial crisis. This article presents a brief overview of the role of culture as it is seen by psychologists, sociologists, and economists, and then describes a specific framework for analyzing culture in the context of financial practices and institutions. Using this framework, the author addresses three questions: (1) what is culture? (2) does it matter? and (3) can it be changed? He illustrates the utility of this framework by ...
Economic Policy Review , Issue Aug , Pages 17-42

Speech
Climate Change and Risk Management in Bank Supervision

Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Speech

Speech
The Economic Outlook

Remarks at Foreign Policy Association, New York City.
Speech

Newsletter
Central Counterparty Risk Management: Beyond Default Risk

On October 17, 2017, the Federal Reserve Bank of Chicago held its fourth annual Central Counterparty (CCP) Risk Management Conference: Beyond Default Risk. Attendees included representatives from regulators, CCPs, clearing members, and end-user market participants from across North America, Europe, and Asia. Panelists and keynote speakers discussed the challenges for CCPs and market participants that arise from stresses other than a clearing member default
Chicago Fed Letter

Journal Article
Introduction and appendix to Behavioral Risk Management in the Financial Services Industry: The Role of Culture, Governance, and Financial Reporting

This volume, four years in the making, includes nine research papers that aim to identify and understand the key factors affecting governance and culture in the banking industry. The volume is divided into two complementary parts. Part I introduces the concept of culture and its importance to risk management and financial stability. The articles present a framework for diagnosing and changing culture, describe how corporate culture is shaped, explore the importance of effective risk management, and examine the roles of deferred cash compensation and bank cash holdings in promoting financial ...
Economic Policy Review , Issue Aug , Pages 1-2

Journal Article
Corporate culture in banking

Until recently, regulatory discourse has paid scant attention to the issue of organizational culture in banking. Yet ethical lapses and systematic weaknesses exposed in the 2007-09 financial crisis suggest that future policy dialogue is unlikely to ignore culture?s significance. Drawing from an approach developed in organizational behavior research, the author introduces a framework for diagnosing and changing corporate culture in a way that more effectively supports the bank?s growth strategy and induces behavior that enhances financial stability. The normative exercise, highlighting the ...
Economic Policy Review , Issue Aug , Pages 5-16

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