A Quote by Jerome Powell
Alignment of business strategy and risk appetite should minimize the firm's exposure to large and unexpected losses. In addition, the firm's risk management capabilities need to be commensurate with the risks it expects to take.
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One doesn't accept bad challenges. Part of it is always the risk-taking without seeing that the risks are rational and the rewards are commensurate.. are more than commensurate.. with the risks.
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.
Basically if you study entrepreneurs, there is a misnomer: People think that entrepreneurs take risk, and they get rewarded because they take risk. In reality entrepreneurs do everything they can to minimize risk. They are not interested in taking risk. They want free lunches and they go after free lunches.
To laugh is to risk appearing a fool. To weep is to risk appearing sentimental. To reach out to another is to risk involvement. To expose feelings is to risk exposing your true self. To place your ideas and dreams before a crowd is to risk their loss. To love is to risk not being loved in return. To hope is to risk pain. To try is to risk failure. But risks must be taken, because the greatest hazard in life is to risk nothing.
Stated in the simplest terms, the recognized solution to the problem of foodborne illness is a comprehensive prevention strategy that involves all participants in the food system, domestic and foreign, doing their part to minimize the likelihood of harmful contamination. And that is the strategy mandated by FSMA. It is not a strategy that assumes we can achieve a zero-risk food supply, but it is a strategy grounded in the conviction that we can better protect consumers and the economic vigor of the food system if everyone involved implements reasonably available measures to reduce risk.
Large companies and government agencies have a lot to protect and therefore are not willing to take big risks. A large company taking a risk can threaten its stock price. A government agency taking a risk can threaten congressional investigation.
A life lesson for me is, how do you muster the courage to take on a new risk? Whether it's starting up a business or taking on a new project or expedition. I think the risks that we take are all relative to the risk-taker.
I think people in general don't take enough risks. Some people feel that before they can take on that next challenge they need to be 100 percent ready. It's just not true. Even people in their jobs aren't perfect at their jobs. So my biggest advice to people is to step out there. Take the risk and deal with it. What is the worst that could happen? It's about thriving on risk instead of shrinking from risk.
I think if we're going to live in this - in this world - in this technological world where information can be disseminated so quickly, we have to be serious and take firm, strong action against those who are putting American lives at risk. Because this will put people's lives at risk.
Being a Navy SEAL and sniper taught me all about risk management. Take away all the risk variables under your control and reduce it to an acceptable level. The same fundamentals apply in business.
You can't do things unexpected in life if you're not willing to take a risk, and it's easier to risk your own life than it is for your parent to watch you take risks. It's very, very hard for parents to see children doing things that aren't a solid path. I've been through that.
I agree with a lot of the points in Taleb's book, but I don't agree with many of his conclusions. It seems to me that he rightly points out that risk managers miss a lot of the risks, but the conclusion is that he draws, is that we should abandon risk management, whereas my conclusion is we should improve it.
The biggest risk is not taking any risk... In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.
The biggest risk is not taking any risk... In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.
Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.
For us as a firm, not only from a risk mitigation standpoint but also as a point of differentiation, it is incredibly important to get consistency and the very best individuals with the capabilities to do the very best job.
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