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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:
- Incorrect assessment of relationships between different risks.
- Focusing through dimensional attention on probabilistic modeling.
Application of a large number of generalizations and assumptions.
Exclusion of a number of issues from consideration.
- The existence of risk managers in "their own world," separate from the business of companies.
- Ignoring all warnings, criticizing those who informed management of potential threats, for not wanting to play by the general rules.
- Planning the organization's activities for a short period, with a focus on maximizing financial performance at the end of the quarter.
- Lack of a comprehensive approach to risk management in the company.
Inefficient delineation of areas of responsibility and authority of departments and business functions.
- 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.