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→The firm as a a bulwark against the vicissitudes of the market
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:::(i) Don’t cleave to the organisational structure much less the firm’s own division of responsibility for risk management, which is based on stables from which horses have already bolted<br> | :::(i) Don’t cleave to the organisational structure much less the firm’s own division of responsibility for risk management, which is based on stables from which horses have already bolted<br> | ||
:::(ii) Therefore susceptible to present in different areas of risk management – the same risk might be partly legal, partly credit, partly market risk. Each in isolation may be containable, but combined effect less so<br> | :::(ii) Therefore susceptible to present in different areas of risk management – the same risk might be partly legal, partly credit, partly market risk. Each in isolation may be containable, but combined effect less so<br> | ||
*{{risk|Firm}} | |||
==={{risk|Government}}=== | ==={{risk|Government}}=== | ||
===Form over substance=== | ===Form over substance=== | ||