Numbers are in vogue. Scanning recent bestseller lists, we see that numbers are popular in book titles. In fact, numbers and lists seem to dominate the charts. These include Ten Stupid Things that Women Do to Mess Up Their Lives, The Five People You Meet in Heaven, A Second Helping of Chicken Soup for the Soul, and The Seven Habits of Highly Effective People.

Just as there are highly effective people, there are highly effective companies. Some companies have built highly effective risk management systems that include ways to reduce financial risk or cushion its blow.

Let us look at five steps to building a world-class risk management department:

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