Famous advice on Decision-making, Uncertainty and Risk Management


"As financial markets become more volatile and competition increases, banks and insurance companies need a clearer understanding of the risks they are taking to protect the physical, financial, human and intellectual assets of their companies. Catalyzed by Basel II, financial institutions around the world are taking a fresh look at managing market, operational and credit risk. In the process, they are redefining the role of risk management in achieving objectives and, ultimately, increasing shareholder value. Their main goal is not to eliminate uncertainty, but rather to be proactive in assessing and managing risk for their own advantage. Although uncertainty has always been a factor in corporate decision-making, financial institutions are now seeking a comprehensive, integrated approach to identifying and managing risks. The broader issues of risk have become a top priority on the senior management agenda and CFO, treasurer and risk officers are working to build risk management processes and embed them into management practices at all levels using special risk management software. On this page great thinkers provide risk management advice, hopefully inspiring those that are struggling in today's risky financial business..."

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The wisest management advice on Decision-making, Uncertainty and Risk Management:



Both fortune and love befriend the bold.

Ovid (Publius Ovidius Naso) 43BC-17AD, Roman poet



To make a mistake is only human; to persist in a mistake is idiotic.

Cicero 106BC-43BC, Roman orator, politician and philosopher



It seems that the necessary thing to do is not to fear mistakes, to plunge in, to do the best that one can, hoping to learn enough from blunders to correct them eventually.

Abraham Maslow 1908-1970, American humanistic psychologist and originator of the Hierarchy of Needs



Wise men say, and not without reason, that whoever wished to foresee the future might consult the past.

Machiavelli 1446-1507, Italian statesman and philosopher



Don`t be afraid to take a big step when one is indicated. You can`t cross a chasm in two small steps.

David Lloyd George 1863-1945, British Minister of War



The wittiest advice on Decision-making, Uncertainty and Risk Management:



Do not count your chicken before they stopped breeding.

Aesopues 550BC, Thracian poet



The golden rule is that there are no golden rules.

G.B. Shaw 1856-1950, Irish critic and poet



Something unknown is doing we do not know what.

Sir Arthur Eddington 1882-1944, Comment on the Uncertainty Principle in quantum physics, 1927



Even a correct decision is wrong when it was taken too late.

Lee Iacocca 1924-, Father of the Ford Mustang and CEO of Chrysler



Risk comes from not knowing what you`re doing.

Warren Buffett 1930-, American Investment Entrepreneur



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