calling out "too risky" is sometimes not good?

Ariticle found here.
http://www.businessweek.com/ap/financialnews/D969BKFO0.htm

Major advantage of having risk management is to secure the survival of the firm.
As a student in RMI, we are getting better with many risk managing techniques.
It can be insurance.
It can be non-insurance transfer.
Some type of retention, whether it be active or passive.
Avoidance ( creates "risk free" as we discuss in 4350).
Risk control that can either be prevention or reduction.

It does not have to be a risk manager that goes through the process of knowing how risky the decision or action that the firms are currently making.

In the article it states that the former head of regulatory risk was fired for warning the CEO of riskiness of the firm.

Is it wrong to bring this type of opinion up to the boss?
If you get fired everytime when you warn something about risk how can risk managers have jobs?
It seems like the people who are firing is telling us to manage the risk of you being fired and not the risk that the actual company holds.

It is not a small company when we hear HBOS.
I think many firms should understand how important it is to manage risk.

If every single company did their job by having good risk management,
alot of what we see in the economy could have never happened.