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The most typical errors of risk managers

Let's look at the list of the most typical errors of risk managers and their approaches to work:

  1. Incorrect assessment of relationships between different risks.
  2. Focusing through dimensional attention on probabilistic modeling.
    Application of a large number of generalizations and assumptions.
    Exclusion of a number of issues from consideration.
  3. The existence of risk managers in "their own world," separate from the business of companies.
  4. Ignoring all warnings, criticizing those who informed management of potential threats, for not wanting to play by the general rules.
  5. Planning the organization's activities for a short period, with a focus on maximizing financial performance at the end of the quarter.
  6. Lack of a comprehensive approach to risk management in the company.
    Inefficient delineation of areas of responsibility and authority of departments and business functions.
  7. The concern of risk managers, first of all, about compliance with general standards, and not about direct work and efficiency, which led to inaccurate assessments and incorrect management actions.