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Effective risk management can solve all kinds of business problems, but first it needs to identify them. Managers and staff tasked with mitigating risk (whatever their actual job title) should always be on the lookout for areas of potential improvement. Then, once an opportunity emerges, they must build communication channels that span functional divisions so that affected teams throughout the organization understand the opportunity and prioritize its pursuit.

Only when creative teams work together in this way will innovation truly move operational risk management forward. This is the lesson exemplified by the latest Alexander Hamilton Award winners in the category Operational Risk Management.

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