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Effective Financial Management by Geoff Turner

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Chapter 4

Understanding the Risks

Introduction

In the pyramid that is Maslow’s hierarchy of needs, an individual’s need for security occupies an important place. Our need for individual security is carried over into our working life in several ways. One of these is our desire, although I accept this is not the case for everyone, to avoid the risk of criticism from those to whom, or for whom, we are responsible if our actions can be shown to have adversely affected the life of our organization.

Protecting ourselves against this risk, while enabling our organization to take the right risks, requires an understanding of alternative risks and alternative expectations. It is an attractively simple idea. There are two kinds of risk: those that you ...

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