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Capital Markets, Derivatives, and the LawPositivity and Preparation$
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Alan N. Rechtschaffen

Print publication date: 2019

Print ISBN-13: 9780190879631

Published to Oxford Scholarship Online: May 2019

DOI: 10.1093/oso/9780190879631.001.0001

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Fiduciary Obligation to Manage Risk

Fiduciary Obligation to Manage Risk

Chapter:
(p.397) 18 Fiduciary Obligation to Manage Risk
Source:
Capital Markets, Derivatives, and the Law
Author(s):

Alan N. Rechtschaffen

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190879631.003.0018

This chapter looks at controlling risk, operational risk management, and executive protection. Directors and officers have a duty to participate in risk management. Internal protocols and procedures are a subset of operational risk management. When there is a breakdown in internal controls, directors and officers will be held accountable for operational failures contributing to trading losses. The chapter discusses the duty to manage risk, risk management for financial and non-financial institutions, quantifying financial risk, portfolio dynamics, directors' and officers' understanding of financial instruments, risk policy, reporting lines and audit techniques, information flow, ethical concerns, responsibility for risk management, business judgment rule, education at financial institutions, and disclosure under the Sarbanes-Oxley Act.

Keywords:   operational risk management, Sarbanes-Oxley Act, executive protection, directors, officers, financial risk, business judgment rule

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