Fed's Kroszner on risk and responsibility

America's banking industry and its regulators must together ensure that effective risk management practices are in place, said Randall Kroszner, a governor at the Federal Reserve.

"The banking industry has the primary responsibility for fostering a culture of effective risk management, but of course supervisors have their own role to play in ensuring the safety and soundness of individual firms and a viable financial system," Kroszner said. "Therefore, both should continue to work hard to

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