The crisis has highlighted the need to improve risk management strategies at both the system-wide and institutional levels in the financial services industry. It has demonstrated that efforts limited to specific institutions or jurisdictions are insufficient to address a problem that is global in scope. New thinking is required to rebuild a damaged financial system. While other efforts have largely focused on improving risk management in financial services “from the inside out,” this report looks at it “from the outside in” – trying to learn from practices and patterns in domains such as aviation, fisheries, wildfire fighting, immunology/epidemiology, telecommunication and pharmaceuticals. While not all of these.
