SNB's Hildebrand on risk management

In the speech 'Risk management' given on 14 December Philipp Hildebrand of the Swiss National Bank said effective risk management requires that all relevant risks be identified and assessed regularly, in a manner that is as unbiased as possible.

"Experience has shown that technical failure is seldom at the root of serious losses. The greatest losses result from a lack of risk consciousness, from a total failure even to recognise significant sources of risk. This danger exists when risk assessment

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