Mitigating Risk, Engaging Industry
Avoiding Complacency: Why Vigilance is More Important Than Ever to Protect Market Stability
By Andrew Gray, Managing Director and Group Chief Risk Officer
| Nov 30, 2018
Andrew Gray, Managing Director and Group Chief Risk Officer
DTCC Risk Forum
October 18, 2018
As Prepared for Delivery
Welcome everyone and thank you for attending our 5th annual Risk Forum. It’s great to see so many people here with us today. This is an important opportunity for us to get together as risk managers to continue our dialogue on global risk topics and trends.
I’m sure many of you have been watching and reading the retrospectives on the causes of the 2008 financial crisis and the actions we’ve taken as an industry to strengthen market safety and stability. As we acknowledge the 10th anniversary of the crisis, it’s important for us to look back and learn from events like this so that we don’t repeat the mistakes of yesterday. They also help remind us of the perils of complacency and the need for continued vigilance.
If you read our most recent systemic risk white paper, which we published in September, that’s the single most important take-away, and it’s what I’d like to focus on during my opening remarks this morning.
- First, I want to look back at the progress we’ve made over the past decade to strengthen financial stability and talk about whether these improvements will protect us from the next systemic shock.
- Second, I want to examine what’s happening in the external environment and explain why we may be getting lulled into complacency at a time when storm clouds appear to be gathering.
- And, third, I’ll talk about how we can become more forward-thinking risk managers by building intelligent resilience into our organizations.
Read the full text of remarks by Andrew Gray (PDF)