Risk: Difference between revisions
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:“''[[Policy]] is organisational scar tissue''” — {{author|Jason Fried}} | :“''[[Policy]] is organisational scar tissue''” — {{author|Jason Fried}} | ||
===The nature of {{risk|risk}}=== | ===The nature of {{risk|risk}}=== | ||
The real risks are the [[black swan]]s: risks that we don’t recognise as risks ''until they happen''. All significant market dislocations have come from blind spots, incomplete information, unanticipatable interactions between subsystems that ''seem'' unconnected but turn out to be [[tightly coupled]] in ways to which your fastidiously-compiled [[risk | The real risks are the [[black swan]]s: risks that we don’t recognise as risks ''until they happen''. All significant market dislocations have come from blind spots, incomplete information, unanticipatable interactions between subsystems that ''seem'' unconnected but turn out to be [[tightly coupled]] in ways to which your fastidiously-compiled [[risk taxonomy]] — meticulously hewn from torrents of hindsight — was thoroughly blind. | ||
[[Known known]]s – about which risk departments firms and which their [[risk taxonomy|risk taxonomies]] catalogue, are not material risks at all, precisely ''because'' they are [[known known]]s and are properly identified, managed and controlled. [[Black swans]], after they happen, cease to be [[black swan]]s. | [[Known known]]s – about which risk departments firms and which their [[risk taxonomy|risk taxonomies]] catalogue, are not material risks at all, precisely ''because'' they are [[known known]]s and are properly identified, managed and controlled. [[Black swans]], after they happen, cease to be [[black swan]]s. |