Risk taxonomy: Difference between revisions

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 In the last twenty years the global finance industry has faced some proper, existential threats. It has [[Jenseits von Gut und Böse|looked long into the abyss]]. [[LTCM]]. [[LIBOR]]. [[Madoff]]. [[Dotcom]]. [[Lehman]]. None of these epochal shit-shows registered more than a faint pulse in the frame of consciousness of the most paranoid [[risk controller]] ''until they happened''.
-''Nor will the next one''. Risks happen ''when''everyone is looking in another, wrong, direction. '''Risks happen ''because'' everyone is looking in another, wrong direction'''. So why will everyone be looking in another, wrong direction?  BECAUSE THEIR RISK TAXONOMY IS TELLING THEM TO.
+''Nor will the next one''.
-Their risk taxonomy, in other words, ''is'' that other, wrong direction.
+Risks materialise ''when'' everyone is looking in another, wrong, direction. '''Risks materialise ''because'' everyone is looking in another, wrong direction'''.
-In this way, the [[risk taxonomy]], itself, ''is'' the risk. New risks will, by definition, inhibit the seams, cracks and weak joints of your present narrative — they will prompt you, after the fact, to change your [[narrative]]. They will prompt you to build a new stable around the space where the horse ''you didn’t even know was there'' turns out to have been standing, before it bolted.
+So why will everyone be looking in another, wrong direction? ''BECAUSE THEIR RISK TAXONOMY IS TELLING THEM TO.'' Their risk taxonomy, in other words, ''is'' that other, wrong direction.
-What to do? Sagely, the [[general counsel]] will mandate action to defend against this newly identified risk. “We must”, she will solemnly say, revisit our [[service catalog]]. We shall have a new [[steering committee]] to oversee that. And an [[operating committee]] to implement it. And with that unimpeachably sound governance, ''we shall build a new, stronger, better, [[risk taxonomy]]''.
+In this way, the [[risk taxonomy]], itself, ''is'' the risk. New risks will, ''by definition'', inhibit the seams, cracks and weak joints of your present [[narrative]] — they will prompt you, ''after'' the fact, to change your [[narrative]]. They will prompt you to build a new stable around the space where the horse ''you didn’t even know was there'' turns out to have been standing, before it bolted.
+What to do? Sagely, the [[general counsel]] will mandate action to defend against this newly identified risk. “We must”, {{sex|she}} will solemnly say, revisit our [[service catalog]]. We shall have a new [[steering committee]]. And an [[operating committee]] to implement it. And with that unimpeachably sound governance, ''we shall build a new, stronger, better, [[risk taxonomy]]''.
-{{seealso}}
+{{sa}}
 *[[Black swan]]
 *[[Doctrine of precedent]]