In addition to the speech by Greenspan referred to in footnote 3, the role of risk management in monetary policy decision-making has been set out in speeches by the Federal Reserve (Evans (2019)), the Bank of Canada (Poloz (2020), and Reserve Bank of Australia (Stevens (2009)).
A least regrets approach to uncertainty: Hawks, Doves and the White Heron (he Kōtuku)  Indeed, research of the decisions made by the US Federal Reserve show traits of this type of risk management approach in around 25 percent of cases between 1987 and 2008.7 In the same spirit of these risk management approaches used by central banks globally, in recent years our Monetary Policy Committee at Te Pūtea Matua has developed a language around its “least regrets”, to complement the signals from our published central projections.