Organisational aspects of risk management

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One of my earliest columns for Risk pointed to a fundamental conundrum of corporate life: a firm cannot succeed without proper risk controls, but a totally risk-averse company will fail. It is not risk as such that threatens the long-term success of an institution – only excessive and uncontrolled or insufficient risks present such a threat (see footnote 1).

Most of us have seen how difficult it is to maintain the right balance in a large company. The central problem is the separation of

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