I will start it:
- Take risks, and start asking UN-conventional questions
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Introducing the Global Risk Series - Book 1 Risk Management How Tos
Dear GlobalRisk Community member, Our community’s mission is to foster business, networking and educational explorations among members. Learn from some of the top experts in the industry as they clearly explain how to approach the most important Risk management concepts. Check out their expert tips and use the link at the end of each article to navigate back to the website to leave your comment or ask a question. Some of the topics include: How do you Explain Risk Appetite? How to Prepare a…
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A question related to classification of instruments between trading and banking book.
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Plunging oil prices: curse or blessing in disguise?
The recent sudden crash of oil prices has had a major impact on the world economy, leading to many troubled faces in the international arena. The Russians fear the effects of yet another powerful hit on their economy, Venezuela seems to be considering default and the Americans are weary of the consequences for its young and emerging shale oil industry. And then you have the Middle East, where the smallest match is enough to ignite the largest fire. But are these worries really justified or…
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Replies
Be capable of driving organizational, operational and cultural changes
Identify risks in the process. Will try to eliminate the risk, if not possible then try to mitigate the loss.
If you want to be a REAL RISK manager, you have to be able to be ready for every conceivable downside risk without being overtly pessimistic.
There is no doubt that Saint Vivekanand was a visionary,but in the economic scenario don't you think failure shall take one to the oblivion.Perhaps risk management will not allow to take such risks.
Swami Vivekanand an Indian Philosopher told that " Take a Risk, if you win you will lead the team. ........If you cant win you can guide the team". ......Its true.
Understanding the risk and pricing the risk is the way to be a Good Risk Manager. This concludes lot of inputs like identification of risk, evaluation of risk, alternatives of risk, resolution of risk finally implementation of measures to prevent the risk -
specify and inform about risks in a systematic way and combine risk sources and risk categories in a proper and efficient way
I would think you have to understand the business you're risk managing, and think about what could go wrong, and how you would know about it in advance. Know your risk-takers and what ways they can evade or distort your information. Know what battles you can't win, and which you can. Plan in advance for what you will do when breaches occur.
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