This Is the End


Markets, Risk and Human Interaction

December 25, 2007

Tom Daula on Risk Management

In light of the risk management problems that have occurred at Morgan Stanley, I thought it was interesting to run into this description of risk management at Morgan Stanley on the web. It was written by the firm's Chief Risk Officer, Tom Daula. It all sounds pretty reasonable to me. I guess I would give him an A for the planning and an F for the execution.
Given that things did not work out according to plan, it would be enlightening to know where these plans went astray.


  1. Apparently Tom Daula's job is on the line. See:

    I can well imagine what went back and forth in those conversations with Ms. Cruz. It will be very interesting to see what happens to Mr. Daula.

  2. Rick, who's to blame at Citigroup after the biggest loss in US banking history? A risk manager?


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