PALM DESERT, Calif. -- Back in 2007, no one talked about systemic risk. Now, the term “systemic risk” is on everyone’s minds. But defining it has not come out of the constant attention paid to it now.

Indeed, said Rachel H. Graham, senior associate council of the Investment Company Institute, the term “systemic risk” is not to be found in the Dodd-Frank Wall Street Reform Act. Graham’s comment came in the midst of a discussion of “New Rules, New Regulators: How The Dodd-Frank Act Will Impact The Fund Industry” at ICI’s 2011 Mutual Fund and Investment Management Conference.

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