The Organization for Economic Co-operation and Development (OECD) recently released a very interesting document, “Corporate Governance Lessons from the Financial Crisis.”  This report concludes that:

“The financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements. When they were put to a test, corporate governance routines did not serve their purpose to safeguard against excessive risk taking in a number of financial services companies. The risk management systems have failed in many cases due to corporate governance procedures rather than the inadequacy of computer models alone.”