Crackdown on risk budgets
"Risk management -- for the oversight function at least -- should be funded independently," David Koenig, chair of the board of directors at Prmia, told FX Week. "Budgets should be set at executive level, not at business-line level."
Koenig said that some institutions had brought budgets for risk management within the remit of those business lines that create risk. While this was due to good intentions, he said: "It’s not necessarily the right thing to do."
Traders have their own idea on where
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