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Article: Stung by Crisis, Asia Wakes up to Risk Management
- Article from:
- Reuters Hedgeworld
- Article date:
- September 23, 2009
CopyrightCopyright 2009 Reuters Hedgeworld. Provided by ProQuest LLC. (Hide copyright information)
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TOKYO (Reuters) - A year ago, when Shinsei Bank Chairman Masamoto
Yashiro was asked why Japanese banks had been able to avoid the
worst of the financial crisis, he dismissed it as something akin to
a lucky break.
Since the crisis, Shinsei and other companies across Asia have
been trying to take luck out of the equation. They are investing in
computer systems and strengthening internal controls to improve
their ability to identify and mitigate risk.
Asian companies were not at the heart of what triggered the
crisis, but they were blindsided by the fallout, from banks booking
heavy losses on asset-backed securities to manufacturers having
difficulty raising funds after credit markets seized up.