Risk Management Quotes - Page 5

• The difference between management and administration (which is what bureaucrats used to do exclusively) is the difference between choice and rigidity.

  Robert Heller

  Differences, Choices, Administration

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• The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.

  Martin Wolf

  Data, Risk, Doubt

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• Banks have come to realize in the recent crisis that they are paying the price for having designed compensation packages which provide incentives that are not, in the long run, in the interests of the banks themselves, and I would like to think that would change.

  Mervyn King

  Running, Thinking, Long

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• A theory's assumptions always are and ought to be unrealistic. Further, we should attempt to make them more unrealistic in order to increase a theory's fruitfulness.

  Satoshi Kanazawa

  Order, Risk, Management

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• Two resources, largely untapped in American organizations, are potential information and employee creativity

  William Hunter

  Creativity, Organization, Two

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• What went wrong is we had tremendous concentration in the sense we put a lot of our money to work against U.S. real estate. We got here by lending money, and putting money to work in the U.S. real estate market, in a size that was probably larger than what we ought to have done on a diversification basis.

  Vikram Pandit

  Real, Risk, Done

  "Charlie Rose" with Charlie Rose, charlierose.com. November 25, 2008.

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• The mistake...was attributed in part to the fact that employees called the 3-year note 'Losh' and the 5-year note 'Bosh'. The comic mixing of 'Loshes' and 'Boshes' sounded more like a Dr. Seuss children's book than a cutting-edge risk-management operation.

  Frank Partnoy

  Children, Mistake, Book

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• Management must provide employees with tools that will enable them to do their jobs better, and with encouragement to use these tools. In particular, they must collect data.

  George E. P. Box

  Encouragement, Jobs, Data

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• I would hope that American managers-indeed, managers worldwide-continue to appreciate what I have been saying almost from day one: that management is so much more than exercising rank and privilege, that it is much more than "making deals." Management affects people and their lives.

  Peter Drucker

  Exercise, People, Appreciate

  Peter Drucker (2012). “Managing in a Time of Great Change”, p.303, Routledge

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• Lead yourself, lead your superiors, lead your peers, and free your people to do the same. All else is trivia.

  Dee Hock

  People, Risk, Peers

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• Changes made by management today make no improvement.

  Peter R. Scholtes

  Risk, Today, Management

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• The common objection to seniority pay is, "It's rewarding dead wood!" My response is, "Why do you hire dead wood? Or why do you hire live wood and kill it?"

  Peter R. Scholtes

  Risk, Pay, Woods

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• If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes

  Peter Lynch

  Risk, Analyzing, Management

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• I should estimate that in my experience most troubles and most possibilities for improvement add up to the proportions something like this: 94% belongs to the system responsibility of management 6% special

  W. Edwards Deming

  Responsibility, Risk, Special

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• Managers don't like giving appraisals, and employees don't like getting them. Perhaps they're not liked because both parties suspect what the evidence has proved for decades: Traditional performance appraisals don't work.

  W. Edwards Deming

  Party, Giving, Risk

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• It is interesting that the investment industry has invented new ways to lose money when the old ways seemed to work just fine.

  John G. Stumpf

  Interesting, Risk, Way

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• The thing is, continuity of strategic direction and continuous improvement in how you do things are absolutely consistent with each other. In fact, they're mutually reinforcing.

  Michael Porter

  Facts, Improvement, Consistent

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• A manager is an assistant to his men.

  Thomas J. Watson

  Men, Assistants, Managers

  Thomas J. Watson, Peter Petre (2013). “Father, Son & Co.: My Life at IBM and Beyond”, p.384, Bantam

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• The financial crisis has underscored how insufficient attention to fundamental corporate governance concepts can have devastating effects on an institution and its continued viability. It is clear that many banks did not fully implement these fundamental concepts. The obvious lesson is that banks need to improve their corporate governance practices and supervisors must ensure that sound corporate governance principles are thoroughly and consistently implemented.

  Daniele Nouy

  Practice, Risk, Sound

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• There is a simple way of avoiding excess risk-taking by the managers of our financial institutions. It is to make it a crime ... had a crime for reckless management of a financial institution been on the books, Northern Rock and RBS would not have blown up.

  Paul Collier

  Book, Simple, Rocks

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• Don't try to buy at the bottom and sell at the top. It can't be done except by liars.

  Bernard Baruch

  Business, Liars, Trying

  Bernard Mannes Baruch (1970). “Baruch: My own story”

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• High leverage is unsafe, not just for a company but the entire economy... LBOs are reducing the safety. Management loses the power to do many things. It has no margin for error and less margin for additional risk.

  Franco Modigliani

  Errors, Safety, Risk

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• Among the illusions which have invested our civilization is an absolute belief that the solutions to our problems must be a more determined application of rationally organized expertise... The reality is that our problems are largely the product of that application.

  Voltaire

  Reality, Civilization, Risk

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• It was obvious that their profits were simply cash borrowed from destiny with some random payback time.

  Nassim Nicholas Taleb

  Destiny, Risk, Payback

  Nassim Nicholas Taleb (2016). “Incerto 4-Book Bundle: Fooled by Randomness The Black Swan The Bed of Procrustes Antifragile”, p.831, Random House

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• A foreign policy aimed at the achievement of total security is the one thing I can think of that is entirely capable of bringing this country to a point where it will have no security at all.

  George F. Kennan

  Country, Thinking, Achievement

  "The Illusion of Total Security". Radcliffe Commencement Address on June 16, 1954. The Atlantic Monthly, No.194, August 1954.

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