After nearly $3 trillion in credit default swaps turned sour it was found that although AIG, the US Insurer, kept voluminous records of its credit default swaps transactions the records created to document them were inadequate. The records did not reveal the true level of risk in the transactions and were so complex that only the persons who entered into them could understand and unwind them. The result was not the records did not provide the clarity and certainty they were supposed to ensure, b...

BPIR Categories

10.4.1 Manage business records and documents.
13.8 Manage legal and ethical issues

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