Risk is a growth business. But today, the focus of many financial firms is less about the trade-off between risk and return, and more about simply managing a proliferation of menaces, hazards and dangers. Anticipating risk, preventing it, monitoring it, mitigating it and, ultimately, paying for it are a primary concern.
There are three broad categories of risk, according to Tommy Helsby, chairman of Kroll Eurasia, a leading global risk consultancy. These are market, credit and operational risks. It is a helpful taxonomy, but the categories often merge, and deficiencies in one usually have an effect on the others.
Assessing the nature and level of risk-related costs...
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