*  *  *  I am very pleased to have been invited to address this symposium on the timely and important topic of risk management. Continuing increases in the scale and complexity of financial institutions and in the pace of their financial transactions demand that they employ sophisticated risk management techniques and monitor rapidly changing risk exposures.
Let me focus in on the monetary policy and financial trilemmas. In relation to monetary policy, Brexit does not alter the status quo, which no commitment on either side to stabilise the value of Sterling against the euro and the Bank of England and the European Central Bank each pursuing an independent monetary policy.