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Where Will The Cops Set The Real Limits?

Leech Tim | July 15, 2003

Questions I sometimes ask students in risk and control assessment training workshops to illustrate the concept of residual risk tolerance include:

  • How many of them have broken a car speed restriction law in the past three months?
  • How many have broken a speed law more than five times over the past three months? More than 10 times? More than 80 times?
  • How many were caught speeding during that time, and how big was the fine or penalty?

Answers from internal auditors, operational risk management specialists and external auditor partners are very consistent; most people in the workshop to varying degrees break speed limit laws. Few get caught and virtually none suffers penalties proportionate to their financial circumstances. It doesn't...

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