Corrigan report calls for risk overhaul

A study group headed by Gerry Corrigan, a former New York Fed chief, has urged all major financial institutions to make wide-ranging and far-reaching changes to the way they handle risk.

The group which features several senior Wall Street executives including Corrigan, now a managing director at Goldman Sachs, proposes changes across a range of areas including the mitigation of systemic risk, the handling of high-risk complex instruments, risk management and the enhancement of credit market r