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The Operational Risk Handbook for Financial Companies: A guide to the new world of performance-oriented operational risk by Brian Barnier

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1.11. Key Insights for Evaluating Risk

In summary, key practical insights from the chapters on evaluating risk are:

  • Take a systems view of risk—the environment and enterprise capabilities. Scenarios are your central tool for understanding situations in time.
  • Take a prospective, not retrospective, view of risk evaluation.
  • Understand the environment better than competitors. This is a requirement in strategy and operations. It’s also a requirement in managing risk to your strategy and operations.
  • Understand the business. A deep understanding of how it works is essential to finding and fixing risks before they cause damage, and to using your capabilities to take advantage of opportunities in a changing environment.
  • Look for change. ...

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