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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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3.2. Four Functions of a Governor

“Understanding and responding to risk all comes together in the board. Institutions of all sizes must provide oversight that integrates in several ways. They must ensure that risks are being interrelated—market, credit, operational and liquidity—both inside and outside of the institution. Looking outside is crucial to avoid catching a systemic risk contagion. They must ensure that risk management is being used in daily decisions by all managers. Next, they must consider whether their own skills and governance are sufficient for the task—and report on this as part of new regulations. Finally, they must set the example by pushing on risks in each decision that comes to the board.”

— Mark Olson

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