1. On the dual nature of risk as a source of both (negative) harms and (positive) opportunities, see P O'Malley,Risk, Uncertainty and Government(London, Glasshouse, 2004), ch 3; M Power,Organized Uncertainty: Designing a World of Risk Management(Oxford University Press, 2007), 22–23.
2. On the key UK regulatory initiatives on corporate internal control and risk management prior to the 2007–08 banking crisis, see part B below. The post-crisis reforms to this area are discussed in part C below.
3. ‘Something distinctly not of this character’: how Knightian uncertainty is relevant to corporate governance
4. On the phenomenon of “core” or “principal” risks as they arise in the context of non-financial and financial businesses respectively, see Sir D Walker, “A Review of Corporate Governance in Banks and Other Financial Industry Entities: Final Recommendations” (26 November 2009), para 6.3, available at www.ecgi.org/codes/documents/walker_review_261109.pdf.