The assessment and management of risks, which is a priority for firms in all three sectors, are handled in ways that reflect both similarities and differences between sectors. In all sectors, policies and procedures exist to ensure that an independent assessment of risks occurs and that controls are in place to limit the amount of risk that can be taken on by individual business areas. The priority placed on risk management is also reflected in substantial efforts taken across all sectors to develop quantitative measures of risk, including risks – such as operational risk -- that are significantly difficult to.
