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STEINHARDT -- I would add another element -- that is, for lack of a better term, risk premium.
All three reports said short term risk was exposing the world's financial system to unsupportable risk.
One of his first moves was to begin using the term "risk management" in place of "safety".
"They are all incubating in this white paper as a long term risk to the future of the BBC".
For the latter, the term "risk cycle" is introduced.
While nearly all plans include the term "risk," it is often not defined.
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This inevitably creates some mid-term risk across the sector.
"There is not a short-term risk, but we want to make sure there's no long-term risk".
And few banks are comfortable taking long-term risk.
Global warming may pose a long-term risk.
They cannot manage the short-term risk, which is going to be on the upside.
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