Living within the Law

One of the difficulties of changing the way the financial groups relate to the line organization is the existence of regulations and the world of generally accepted accounting principles. Any time you loosen central controls and more widely distribute financial decisions, you are taking some risk. The task of the financial profession is not to be responsible for eliminating risks, but to clarify what the risks are and what the consequences of failure are. The desire to create a risk-free environment is exactly what bureaucracy is about. Every policy and regulation on the books exists because someone in the past, through ignorance or irresponsibility, made a mistake. The bigger the mistake, the bigger and more pervasive the ...

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