Historically, risk management was understood as a pure risk reporting function that included the monitoring of restrictions and portfolio management activities. More detailed analysis of customer portfolios was not necessary, and never requested. Resources were allocated to gain more capital, so it was client relationship management that drove the business. In this context, risk management has been mainly regarded as a “necessary” cost factor.
LEIFERT, K. (2004), "Assessing the regulatory impact: the challenges of UCITS III — Germany's regulators become the first to launch derivatives ordinance", Journal of Risk Finance, Vol. 5 No. 3, pp. 7-9. https://doi.org/10.1108/eb022988Download as .RIS
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