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The demands being imposed on the global banking system highlight the Achilles Heel of nonfinancial risk management and, particularly, misconduct risk, says Stephen Scott at Starling.

On 19 February, the S&P 500 reported it’s quickest ever retreat into a bear market. In a related story, the Financial Times produced a chart depicting this fall against other historical events. It is telling: this retreat was faster even than that during the Great Depression. The present contraction reflects the speed by which economic events can spread, contagion-like, in our inextricably linked global economy.

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