Managing risk now means a lot more, operationally, than just watching out for mistakes in the middle and back offices, in mismatching details of transactions.

The 2003 mutual fund afterhours trading scandal, the accounting discrepancies at large firms that led to the passage of the Sarbanes Oxley Act and, most directly, the global credit crisis of 2008 means now that a whole host of "new" risks have to be managed, in everyday operations.

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