A Quote by Alan Greenspan
Indeed, better risk management may be the only truly necessary element of success in banking.
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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.
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.
A man's needs are few. The simpler the life, therefore, the better. Indeed, only three things are truly necessary in order to make life happy: the blessing of God, the benefit of books, and the benevolence of friends.
Our entire approach to the banking and financial services business is risk-adjusted returns. We believe that in most parts of the world, and including pockets in India, banking tends to mis-price risk.
Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.
The ultimate arbiters of the models of banking and the management of banking are the investors. It's the shareholders.
There is but one element of government, and that is THE PEOPLE. From this element spring all governments. "For a nation to be free, it is only necessary that she wills it." For a nation to be slave, it is only necessary that she wills it.
Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.
Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up.
The risk element only came from acknowledging other people's attitudes toward it, and realizing that they considered it to be a risk for me to do.
It is extremely difficult for our contemporaries to conceive of the conditions of free banking because they take government interference with banking for granted and as necessary.
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
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.
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.
Risk management systems and controls may discourage or limit certain revenue-generating opportunities. Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable.
What is courage? Courage is the willingness to risk failure...There is only one danger I find in life, and that, indeed, is a real one. You may take too many precautions.
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