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Risk Control Requires Authority, Goals and Organization

In: Basel III, the Devil and Global Banking

Author

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  • Dimitris N. Chorafas

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.

Suggested Citation

  • Dimitris N. Chorafas, 2012. "Risk Control Requires Authority, Goals and Organization," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Basel III, the Devil and Global Banking, chapter 10, pages 195-215, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-35842-3_10
    DOI: 10.1057/9780230358423_10
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