• Pay equal attention to quantifiable and unquantifiable risks
• Identify, report and quantify all possible risks
• Let an awareness of risk pervade the enterprise
• Make risk management everybody’s responsibility
• Avoid products and businesses the enterprise does not understand
• Accept that uncertainty exists
• Monitor your risk mangers
• Good risk management delivers value
• Define and enshrine your company’s risk culture.
They also say that reputational risk is the greatest threat in financial institutions. Phil Rivett, global leader, banking/capital markets group, PricewaterhouseCoopers said: “Financial institutions have made significant strides since our last risk management survey two years ago, but our latest findings have revealed that too many organisations are still concentrating on calculating market and credit risk to a further order of accuracy and too few on understanding the totality of the risks they face in order to give themselves a competitive advantage.