@article {Golub21, author = {Bennett W. Golub and Conan C. Crum}, title = {Risk Management Lessons Worth Remembering from the Credit Crisis of 2007{\textendash}2009}, volume = {36}, number = {3}, pages = {21--44}, year = {2010}, doi = {10.3905/jpm.2010.36.3.021}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article by Golub and Crum presents six important lessons worth remembering from the credit crisis of 2007{\textendash}2009.The recent credit crisis revealed the inadequacy of many standard methods in quantitative risk management and called into question the general efficiency of markets. Golub and Crum{\textquoteright}s analysis of the six lessons learned provides insights into what went wrong and offers advice on steps that institutions can take to avoid similar failures in the future.The authors present detailed analysis on risk management issues relating to liquidity, securitized products, certification,market risk, and policy risk.TOPICS: Financial crises and financial market history, analysis of individual factors/risk premia, risk management}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/36/3/21}, eprint = {https://jpm.pm-research.com/content/36/3/21.full.pdf}, journal = {The Journal of Portfolio Management} }