Chartis - Moving on from the failure of GRC

The old saying has it that success has many fathers, but failure is an orphan. Nonetheless, whenever something goes badly wrong, though no-one takes responsibility, blame tends to be spread widely.

So it has proved for the financial crisis. Pundits have blamed regulators, central banks, the invention of the CDO and CDS, short-selling, greedy bankers, foolish mortgage applicants, the use of VaR, globalization, and a host of other popular hobgoblins.

In spite of these varied responses, many

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