Abstract
When, in my seminars, I am asked about a basic prerequisite for rigorous risk management, my responses include not one but several factors, some of which are general and others specific to the enterprise. By far the most important is independence of opinion, which was discussed in Chapter 8. The person entrusted with risk control must be able to speak his/her mind, and advise top management to stop compounding the risks.
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Notes
D. N. Chorafas, Rocket Scientists in Banking, Lafferty Publications, London/Dublin, 1995.
D. N. Chorafas, Risk Pricing, Harriman House, London, 2010.
D. N. Chorafas, Reliable Financial Reporting and Internal Control: A Global Implementation Guide. John Wiley. New York. 2000.
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Paul Roberts. The End of Oil. Bloomsbury. London. 2004.
D. N. Chorafas. Risk Pricing. Harriman House, London, 2010.
US GAAP and IFRS apply different valuation methods to different types of assets and liabilities. For example, one criterion that determines the valuation method is the intended holding period of the asset or liability. D. N. Chorafas, IFRS, Fair Value and Corporate Governance: Its Impact on Budgets, Balance Sheets and Management Accounts, Butterworth-Heinemann, London/Boston, MA, 2006.
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© 2012 Dimitris N. Chorafas
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Chorafas, D.N. (2012). Risk Control Requires Authority, Goals and Organization. In: Basel III, the Devil and Global Banking. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230358423_10
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DOI: https://doi.org/10.1057/9780230358423_10
Publisher Name: Palgrave Macmillan, London
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