If you don't invest in risk management, it doesn't matter what business you're in, it's a risky business.
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome.
Risk management is a more realistic term than safety. It implies that hazards are ever-present, that they must be identified, analyzed, evaluated and controlled or rationally accepted.
Risk comes from not knowing what you're doing.
Even a correct decision is wrong when it was taken too late.
Risk is a function of how poorly a strategy will perform if the 'wrong' scenario occurs.
The key to risk management is never putting yourself in a position where you cannot live to fight another day.
What we learn from history is that people don't learn from history.
It's better to solve the right problem approximately than to solve the wrong problem exactly.
Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.
The essence of investment management is the management of risks, not the management of returns.
Having no problems is the biggest problem of all.
One thing that makes it possible to be an optimist is if you have a contingency plan for when all hell breaks loose.
Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.
Thoughtfully assessing and addressing enterprise risk and placing a high value on corporate transparency can protect the one thing we cannot afford to lose: trust.
Indeed, better risk management may be the only truly necessary element of success in banking.
Test fast, fail fast, adjust fast.
Risk is just an expensive substitute for information.
Successful problem solving requires finding the right solution to the right problem. We fail more often because we solve the wrong problem than because we get the wrong solution to the right problem.
You want a valve that doesn't leak and you try everything possible to develop one. But the real world provides you with a leaky valve. You have to determine how much leakiness you can tolerate.
A good rule of thumb is to assume that everything matters.
Effective management always means asking the right question.
If you only take small risks, you are only entitled to a small life.
The public totally discounts low-probability high-consequence events. The individual says, it's not going to be this plane, this bus, this time.
I can assure you, as long as I'm here, as long as my colleagues are here, we do know about risks.
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