One day we will send a man to the moon and bring him home safely. One day we will elect a black President. One day the Montreal Expos will win a World Series. One day we will drive flying cars…
My rant on quantifying operational risk
Earlier I published a post about actuaries and operational risk. Today I am in a ranting sort of mood so here are my thoughts on quantifying operational risk. I am not a huge proponent of the quant when operational risk…
Risk managers are like janitors
This is a bit of a re-post but it seems appropriate following a comment I received earlier where the reader asks: “How can you convince a small business owner to invest resources into something that they cannot see a value…
Monty Python on governance, risk, and compliance
I read too much about what GRC needs or what ERM needs but far too often suggestions read like my favourite Monty Python skit (a lot of easier said than done steps): Alan Well, last week we showed you how…
My favourite fraud ever
My favourite financial fraud of all time has to the work of John M. Rusnak at Allfirst Bank, a sub of Allied Irish Bank, perpetrated in 2001. Following the events which cost this Irish bank tens of millions of losses,…
Everyone knows where the icebergs are
Before the Titanic struck that iceberg almost a century ago, the captain was told that there were icebergs in those waters but dismissed the junior officer’s warning. He was heard saying: “In my thirty years at sea, I’ve never struck…