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Risky Business Magazine
Risky Business Magazine is our print-based and online periodical published twice a year, deconstructing risk stories in the news from a risk and technology viewpoint. This used to be published though a majordomo listserver but is now moved to other distribution options.
Our articles present an inside risk "take" on the more infamous risk stories inside Wall Street. Cases of global importance that have dominated the mainstream media, in recent decades, have rarely been viewed in any accessible way through a risk lens. To properly deconstruct these risk stories, one has to have the benefit of a risk blueprint. This can be thought of as a map of the Enterprise and what it had been up to, as recorded - or not recorded - in their business records, which is how you find the smoking hot exposure trails - always pointing the way to a Federal penitentiary.
For example, Enron, AIG and Global Crossing have been in the news. Each situation set new dismal records for Credit Risk failures, yet few have described the entire Risk Management train wreck these cases systematically represent.
Our motto, "You cannot manage what you do not measure", grew out of our experience with these cases. In each, the skeletons in the risk closet were revealed by that which "they" refused to measure... a red flag to any risk professional.
Indicators of Risky Business
Some rightly challenge: "But how do they manage to keep so many involved in a large scale scam where nothing leaks out?". The fact is, there are always leaks, from furtive gossip in hallways to highly-charged, near fisty-cuff challenges to attempted business irregularities in conference rooms.
Few could imagine how high these scams go up the corporate ladder (this has been referred to as "elite deviance"). In some cases, when it was clear that it did go all the way to the top, many just looked for another job, quietly afraid for their career and families. Others stayed, with a serious case of "pensionitis" and tried to look the other way, or became unwillingly collaborators.
The very few that went to the press were mostly blacklisted. It is a rare case indeed where the lone whistle-blower won out, and these winners mostly stood on the shoulders of those far braver than they were, who never "made it". As for the "elite deviants" themselves? The answer is so easy: Money, Greed, and Fear of Jail. "Nobody talks, your money doesn't walk."
Indeed, the Risk Mismanagement Scandals behind Enron, AIG and Global Crossing are as tabloid worthy as the various stories surrounding the professional (and other) demise of several of the alleged participants in those scandals. Inevitably, as with other massive financial scandals, such as the S&L scandal, BCCI and Refco, there is the stench of political involvement at the highest levels of transnational governments and agencies.
The professionals who write for Risky Business Magazine have played a role in bringing certain aspect of these cases to the attention of law enforcement, regulatory or other authorities, and even the mainstream press. Indeed, the real story begins, as so often, with their response. We began a deep analysis of what may be provably reliable indicators of a "risky business" operating within an Enterprise.
Nine Eleven:
The formation of the Victims Compensation Fund was an odd occurrence, as such a Fund has never been established in the US before. We were told by the Masters of the Fund there will never be another Victim's Compensation Fund ever again, for any sort of terrorist attack, that 9/11 was unique in the decision to compensate citizens, in exchange for the right to bring suit against the US government "later on". Many victims opted not to give up this right.
Many of our risk professionals played key roles in discovering, assessing, vetting, collecting and reporting certain litigation quality evidence pertaining to 9/11. Not one of these risk professionals was ever called to testify before the "official" 9/11Commission. Further research revealed very questionable financial affiliations of certain 9/11 Commission members with terrorism financing and sketchy political groups.
Given that the 106th floor of the North Tower of the World Trade Center was host to a prestigious Risk Technology conference on the morning of 9/11 (Risk Waters) - well over one hundred people, mostly risk professionals, were in attendance, (included in that number are the dedicated and talented staff working for Windows on the World) - this omission is a particularly grievous and damning one.
No one made it off that floor. Some of the final stories of the attendees are well known to a small group of people who were spared that day because they had been variously delayed.
Those people have been given a voice in the counterpart to Risky Business Magazine, at RiskeBiz911.com. We shall always remember their stunning courage and grace (ref. article: The Last of the Americans). Some at RACG received moneys from the Victims Compensation fund and utilized those funds to conduct investigations into the money trails behind 9/11. Some of the findings are revealed at RiskeBiz911.com.