The most recent financial crisis and recession revealed a number of lessons for both the public and private sector on risk management and the need to properly assess the potential repercussions of policy decisions. The global economic downturn, which began in 2007, was a result of over-leveraged real estate markets, poor regulatory oversight, inadequate risk management by lenders and borrowers alike (Joshi et al., 2018), as well as an underestimation of credit risks associated with subprime mortgages. These factors led to a sharp decrease in asset values, followed by decreased demand for goods and services globally (Lagos & Rocheteau 2008).