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Rick Waugh, president and CEO of Bank of Nova Scotia.
Rick Waugh, president and CEO of Bank of Nova Scotia.
(BRENDAN MCDERMID/REUTERS)

Scotiabank’s Rick Waugh says banks must manage their own risks

Bankers must take it upon themselves to better manage lending risks, and not rely on tougher rules and more stringent capital requirements to prevent their institutions from running into financial trouble, Bank of Nova Scotia chief executive Rick Waugh said Thursday.

Because he believes prudent risk management is integral to the way a bank functions, the CEO advocates putting risk officers at the boardroom table for all major business decisions – something Scotiabank itself implemented long ago.