We have seen a tendency to separate risks into rigid silos — operational risk, market risk, credit risk and so on. But what we have found is that major shocks and problems do not come that way. For instance, in the financial world, you would see trading desks staffed with people who were experts in market risk, but they were trading instruments that were laden with credit risk. The skills you need to think about each of those kinds of risk are very distinctive, and unless you have an integrated view of risk, you could encounter major problems.
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