“The biggest failure of ratings and credit risk management ever.” Douglas Lucas, a well respected UBS analyst, wrote that back in August. That is before he could reflect on the avalanche of AAA-to-junk downgrades that shook the structured products market in the later part of 2007.

Understandably, the rating agencies have embarked on an effort to restore their shattered reputations. But, surprisingly, the risk management profession has not received the same criticism the rating agencies have.