In my remarks I will look at some recent cases in which we believe bankers and supervisors have learned some key lessons about enterprise risk management, or ERM. These lessons demonstrate how good risk management increases business efficiency and profitability. But before I start discussing particular examples, I want to take a step back and give you my thoughts on ERM generally.
5  For a full overview of the macroprudential toolkit in Europe see ESRB (2014) “The ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector”. 6  Phasing in the SRB between January 2016 and January 2019 http://www.esrb.europa.eu/pub/html/ index.en.html?skey=29/04/2014%20Notification. 2  BIS central bankers’ speeches  and Sweden.