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Abstract: Throughout the past year, on-site visits to financial service firms were conducted
to review and evaluate their financial risk management systems. The commercial banking
analysis covered a number of North American super-regionals and quasi-money center
institutions as well as several firms outside the U.S. The information obtained covered both
the philosophy and practice of financial risk management. This paper outlines the results of
this investigation. It reports the state of risk management techniques in the industry. It
reports the standard of practice and evaluates how and why it is conducted in the particular
way chosen. In addition, critiques are offered where appropriate. We discuss the problems
which the industry finds most difficult to address, shortcomings of the current methodology
used to analyze risk, and the elements that are missing in the current procedures of risk
management.