I just had the pleasure of watching author Kathryn Schulz’s TED video about being wrong. As I watched I couldn’t help thinking about Oswald Grübel’s “moment of wrongness”: when he learned about UBS’s $2 billion trading loss. Last November Grübel went on record saying “Risk is our business. I can assure you, as long as I’m […]

I worked about six shifts at a Burger King in a shopping mall when I was in my teens. I quit because I didn’t care much for wearing the brown pants and hairnet. On my final night, the closing shift, I helped the veterans take the trash out. When we got to the Dumpster my […]

Andrew Hill from the Financial Times writes there’s risk in relying on risk managers. He also notes that despite Carsten Kengeter’s assertion: “We will not rest until we have controls that are as watertight as possible”, we all know that organizations cannot function without taking any risk. Banks and investment banks are in the business […]

A headline today on CBC.ca reads “UBS case latest failure of risk management”. I think I will spend the rest of the day being offended by the CBC. (All will be forgiven if Amanda Lang appears on the National tonight.) Despite all the systems, oversight, controls, compliance, supervision and some other sixth thing, you can’t […]

Blessed are the risk managers: for they shall be called sons of God.                                                                                           –  Riskczar 5:9 One can only imagine the profanity and f-words that spewed from the mouth of Maureen Miskovic, the new Chief Risk Officer at UBS, when she learned about the $2 billion rogue trading hit at UBS. I bet she […]