Risk Management Quotes - Page 4

• My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.

  Michael Lewis

  Risk, Tomatoes, Clients

  Michael Lewis (2010). “Liar's Poker”, p.232, W. W. Norton & Company

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• As population susceptibilities are better understood, we will be in a better position than we are in today to make informed decisions about risk management.

  Samuel Wilson

  Decision, Risk, Population

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• One of the responsibilities faced by the Environmental Genome Project is to provide the science base upon which society can make better informed risk management decisions.

  Samuel Wilson

  Responsibility, Science, Decision

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• How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.

  Robert G. Allen

  Money, Investing Your Time, Saving

  Robert G. Allen (2006). “Creating Wealth: Retire in Ten Years Using Allen's Seven Principles of Wealth”, p.5, Simon and Schuster

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• As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.

  Robert J. Shiller

  Stress, Believe, Writing

  Robert J. Shiller (2013). “Finance and the Good Society”, p.14, Princeton University Press

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• Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.

  Robert F. Engle

  People, Risk, Bankers

  Source: bigthink.com

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• To copy is to invite disaster.

  W. Edwards Deming

  Risk, Management, Disaster

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• 

  Today's scientists have substituted mathematics for experiments, and they wander off through equation after equation, and eventually build a structure which has no relation to reality.

  Nikola Tesla

  Inspirational, Nature, Reality

  "Radio Power Will Revolutionize the World". Modern Mechanics and Inventions, July 1934.

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• We are pioneers and the history of pioneers is not that good.

  Jeff Bezos

  Risk, Pioneers, Management

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• PDCA is the essence of managerial work: making sure the job gets done today and developing better ways to do it tomorrow.

  Brian L. Joiner

  Jobs, Essence, Risk

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• Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.

  Alan Greenspan

  Keys, Incomplete Knowledge, Choices

  "Monetary Policy under Uncertainty". Alan Greenspan's Remarks At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, www.federalreserve.gov. August 29, 2003.

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• At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.

  Warren Buffett

  Book, Risk, Faults

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• My first move as the manager of the machine shop was to introduce standardized work.

  Taiichi Ohno

  Moving, Risk, Machines

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• Standards should not be forced down from above but rather set by the production workers themselves.

  Taiichi Ohno

  Risk, Management, Should

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• The aim proposed here for any organization is for everybody to gain - stockholders, employees, suppliers, customers, community, the environment - over the long term.

  W. Edwards Deming

  Organization, Long, Community

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• I'd decided to take the risk, and either I'd succeed or else.

  Yanni

  Risk, Succeed, Management

  Yanni, David Rensin (2003). “Yanni in Words”, Miramax Books

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• I have a right to be blind sometimes.

  Horatio Nelson

  Risk, Management, Sometimes

  1801 Said to Captain Foley during the Battle of Copenhagen, 2 Apr. Nelson disregarded the order of his superior, Admiral Hyde-Parker, to break off action and went on to win the engagement.

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• Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.

  Ben Bernanke

  Strong, Practice, Organization

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• If you have an approach that makes money, then money management can make the difference between success and failure... ... I try to be conservative in my risk management. I want to make sure I'll be around to play tomorrow. Risk control is essential.

  Monroe Trout

  Differences, Play, Risk

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• Managers have traditionally developed the skills in finance, planning, marketing and production techniques. Too often the relations with their people have been assigned a secondary role. This is too important a subject not to receive first-line attention. In this regard we could learn much from the Japanese. We must reinvest in the human side of management.

  William Redington Hewlett

  Skills, People, Risk

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• I agree with a lot of the points in Taleb's book, but I don't agree with many of his conclusions. It seems to me that he rightly points out that risk managers miss a lot of the risks, but the conclusion is that he draws, is that we should abandon risk management, whereas my conclusion is we should improve it.

  Robert F. Engle

  Book, Missing, Risk

  Source: bigthink.com

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• The manager is a servant. His master is the institution he manages and his first responsibility must therefore be to it.

  Peter Drucker

  Responsibility, Risk, Firsts

  "Management: Tasks, Responsibilities, Practices". Book by Peter F. Drucker, 1973.

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• Possibly the biggest issue, however, is that performance appraisals focus managers attention on precisely the wrong thing: individual people. As W. Edwards Deming, the father of the quality movement, taught a long time ago, company performance often results more from variations in systems than from the individuals doing the work.

  Jeffrey Pfeffer

  Father, Issues, Long

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• Most corporate mission statements are worthless. They consist largely of pious platitudes such as: "We will hold ourselves to the highest standards of professionalism and ethical behavior." They often formulate necessities as objectives; for example, "to achieve sufficient profit." This is like a person saying his mission is to breathe sufficiently.

  Russell L. Ackoff

  Risk, Example, Management

  Russell L. Ackoff (1986). “Management in Small Doses”, Wiley

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• The technical explanation is that the market-sensitive risk models used by thousands of market participants work on the assumption that each user is the only person using them.

  Avinash Persaud

  Risk, Management, Assumption

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