And the ultimate risk manager at any corporation is its top leader, the CEO.
So, surely the proposal is to take the ultimate risk associated with banking problems off the Spanish taxpayer?
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When All Else Fails: Government as the Ultimate Risk Manager, by David Moss.
It used to be that Augusta was the ultimate risk-reward golf course.
Like other states, Florida's medical malpractice reform has changed the ultimate risk calculations for many business defendants by increasing the likelihood that higher courts will reverse disproportionately large jury awards and other seemingly wacky court decisions on appeal.
However, if you escape that risk by parking your assets exclusively in cash-like investments, you are likely exposing yourself to the possibility that inflation will silently erode the purchasing power of your portfolio, which can lead to the ultimate risk of not achieving your long-term goals.
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"The ultimate systemic risk caused by the weakened positions of the monoline insurers is overwhelming and scary, " said CIBC World Markets analyst Meredith Whitney in a late-December research note.
Social Security is the ultimate low-risk retirement program.
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At the same time, ever more layers of securitisation have separated the original lender or broker of a loan from the ultimate bearer of credit risk.
The ultimate holder of the risk, the investor, has more reason to care but owns a complex product and is too far down the chain for monitoring to work.
The new securities would possess a unique combination of attributes, including inflation protection, freedom from default risk, freedom from all taxes, ultimate diversification, and upside potential based upon future improvements in economic policy.
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She added that while prisons needed to provide "the right courses, programmes and training", the ultimate responsibility for satisfying the Parole Board that a prisoner's level of risk was reduced "rests with the offender".
Clearnet, the intermediary between MF Global and the ultimate but as yet unknown counterparties to the trades, set the expiration date short to avoid the risk of default by sovereigns.
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But she also pointed out that on days of extreme risk aversion in the markets, investors still shift to Treasury securities which still appear to be the ultimate safe-haven.
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Older directors are not necessarily less effective than younger directors but the ultimate bankruptcy of the company does suggest that this board was not equipped to advise on or monitor firm strategy and risk.
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If the commission is dissatisfied with the government's response, the ultimate sanction could be to take the UK to the European Court of Justice and compel the authorities to release any risk assessments that have been completed.
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