The financial system in the U.S. is changing so quickly, that players – including investors, lenders and regulators – have no time to figure out how to manage new risks, says Timothy Geithner, who heads the Federal Reserve Bank of New York. Speaking to an audience of risk-management professionals, Geithner warned that "there are aspects of the latest changes in financial innovation that could increase systemic risk." He cited the rapid growth of credit derivatives and hedge funds. He urged government regulators, banks and other financial institutions to work together to improve ways of identifying and dealing with financial risks.