This suggests that the perceived connection between responses to the financial crisis and strengthening risk management may not have been as widespread as it might have seemed. The shortcomings are clearly serious and while they may not be critical when taken individually or addressed within a short period of time, it is the cumulative impact that had the effect of bringing the Co-op bank's demise.
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This post is part of a series of posts on the practical lessons for risk management from enforcement cases. The posts are all brought together in the page Enforcement Cases of Crescendo ERM blog.