Browsing Topic Best Risk Management Quotes

Having no problems is the biggest problem of all.

No one can measure the loss of business that may arise from a defective item that goes out to a customer.

Management by results – like driving a car by looking in rear view mirror.

When you see data, doubt [them]! When you see measurements, doubt them!

Boundaries and risk management are very important parts of living a healthy and positive life.

Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.

The essence of investment management is the management of risks, not the management of returns.

What we learn from history is that people don’t learn from history.

We demand rigidly defined areas of doubt and uncertainty!

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.

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.

If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.

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

It’s better to solve the right problem approximately than to solve the wrong problem exactly.

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.

Very few things are as dangerous as a bunch of incentive-driven individuals trying to play it safe.

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.

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.

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

We gauge risk literally hundreds of times per day, usually well and often subconsciously. We start assessing risk before the disaster even happens. We are doing is right now. We decide where to live and what kind of insurance to buy, just like we process all kinds of everyday risks: we wear bike helmets, or not. We buckle our seatbelts, smoke cigarettes, and let our kids stay out until midnight. Or not.

Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.

A company will get nowhere if all of the thinking is left to management.

There are three ways to get better figures… Improve the system… Distort the system… Distort the figures

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.

The public totally discounts low-probability high-consequence events. The individual says, it’s not going to be this plane, this bus, this time.

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

The first step is to measure whatever can easily be measured. This is OK as far as it goes. The second step is to disregard that which can’t be easily measured or to give it an arbitrary quantitative value. This is artificial and misleading. The third step is to presume that what can’t be measured easily really isn’t important. This is blindness. The fourth step is to say that what can’t be easily measured really doesn’t exist. This is suicide.

The budget evolved from a management tool into an obstacle to management.

Indeed, better risk management may be the only truly necessary element of success in banking.

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.

Adventure without risk is Disneyland.

All you need is the plan, the road map, and the courage to press on to your destination.

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.

Management is a curious phenomenon. It is generously paid, enormously influential, and significantly devoid of common sense

To be a leader in this new economy, you have to love risk-which means patterning your life on the heroic, not on the strategic. Acting boldly is better than acting knowingly.