A Quote by Jerome F. Lederer
Risk management is a more realistic term than safety. It implies that hazards are ever-present, that they must be identified, analyzed, evaluated and controlled or rationally accepted.
Quote Topics
Quote Author
Related Quotes
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.
In the past the man has been first; in the future the system must be first. This in no sense, however, implies that great men are not needed. On the contrary, the first object of any good system must be that of developing first-class men; and under systematic management the best man rises to the top more certainly and more rapidly than ever before.
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.
Natural hazards, however formidable, are inherently less dangerous and less uncertain than fighting hazards. All conditions are more calculable, all obstacles more surmountable than those of human resistance.
In order to succeed, you have to live dangerously.. as long as the danger is rationally accepted and as long as the rewards far outweigh the risk.
Often you need to take some risk, but it must be a realistic risk, you can't take a crazy risk.
Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially less than its value. As Graham noted, the margin of safety 'is available for absorbing the effect of miscalculations or worse than average luck.' ...Graham expands, "The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price."
The law seems like a sort of maze through which a client must be led to safety, a collection of reefs, rocks, and underwater hazards through which he or she must be piloted.
I am weaker and more sinful than I ever before believed, but through Jesus Christ I'm more loved and accepted than I ever dared hope.
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 gospel is this: We are more sinful and flawed in ourselves than we ever dared believe, yet at the very same time we are more loved and accepted in Jesus Christ than we ever dared hope.
The finance world in general is very, very complicated and there are so many different things that need to be evaluated, but I think at the end of the day, the most important thing is how you want to invest your money - if you want to be a short-term, mid-term or long-term investor.
A chance is what you take before you think about it. A calculated risk is what you take after you have evaluated all possible factors and have determined that risk
It is now widely and rightly accepted that we live in a world which is more interdependent than ever before, and that problems are increasingly global in character. At the risk of stating the obvious, I would say that when governments realize that certain problems are beyond their powers, it is clear that the United Nations has an irreplaceable role to play.
It is the metaphysically given that must be accepted: it cannot be changed. It is the man-made that must never be accepted uncritically: it must be judged, then accepted or rejected and changed when necessary.
Innovation implies high risk, and with high risk comes failure, so you've got to be prepared for that, but if you don't risk, then your business goes stale very quickly.
Related Authors
Anousheh Ansari Quotes
American
Engineer
Arthur Alfred Lynch Quotes
Australian
Engineer
Fritz Todt Quotes
German
Engineer
John Congleton Quotes
American
Engineer
Kshama Sawant Quotes
American
Engineer
Martin Fowler Quotes
American
Engineer
Matt Cutts Quotes
American
Engineer
Michael Martin Hammer Quotes
American
Engineer
Oliver Heaviside Quotes
English
Engineer
Owsley Stanley Quotes
American
Engineer
Tom DeMarco Quotes
American
Engineer
Vinton Cerf Quotes
American
Engineer
William C. Brown Quotes
American
Engineer
Willis Harman Quotes
American
Engineer