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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''. | 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 | ''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. | ||
Their risk taxonomy, in other words, ''is'' that other, 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. | 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. | ||