Many of us who have spent our careers in fiduciary institutions can remember a time before risk management existed in its current form. Risk was always present, of course. It was embedded in credit decisions, in trust administration, in investment oversight. But it was not yet named, structured, or systematized in a way that allowed institutions to see themselves clearly. What we managed, we often managed in parts. What we understood, we understood in fragments. That began to change in the aftermath of the Savings and Loan Crisis…

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