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2008-05-01 Killing the 'Rational Man' When trying to untangle the cases of past disasters, have you ever noticed that somewhere in the chain of events, someone made an irrational decision? Most risk managers will attest that people make bad, silly and crazy decisions from time to time. MORE 2008-04-15 Of Circular Frequencies The story is familiar to anyone reading the papers: A trader working for a European bank establishes a huge number of risky trades. Through his knowledge of the system, he manages to mask his activities in order to make far larger, far riskier bets than would be approved by management. MORE 2008-04-03 Beaumont's Bonus Column: When Risk Managers Go Wild I had a very bad risk management experience recently. While traveling in New York City for a RIMS Board meeting, I used my credit card to check into the hotel. MORE 2008-04-01 World's Oldest Profession? Risk management often seems like a young profession. Every time a huge catastrophe strikes, or a new form of risk emerges, it seems as if we have hardly begun to manage risk. But two remarkable archeological discoveries could change that perception. MORE 2008-03-07 Beaumont's Bonus Column: Standard and Not-So-Poor--S&P Takes the Plunge In case you missed the announcement, Standard & Poor's finally officially announced that it is going to start considering the ERM efforts of companies in all of its risk ratings. I'll pause a moment here to let that sink in. MORE 2008-03-01 Protecting Your Blind Side On Nov. 18, 1985, the value of risk management was established before a live television audience. Many of you watched it happen or saw the replay later. I recall it vividly, but it was not until I read Michael Lewis's new book The Blind Side that I realized the implications. MORE 2008-02-14 Don't Shoot the Messenger Many disasters are foreseen. Sometime after the dust has settled, it is discovered that someone knew that the catastrophe was imminent. If this is the case, why do foreseen, preventable disasters occur? Take the two space shuttle disasters. On the Challenger, engineers warned of the O-ring problem but were ignored. MORE 2008-02-07 Beaumont's Bonus Column: Another Screed on Risk Appetite From time to time, I am approached by consultants from big-name firms who want me to purchase their ERM services. More often than not, they are vague about the exact nature of their solution. But I can always separate the cognoscenti from the charlatans by asking them about calculating a risk appetite. MORE 2008-01-03 Beaumont's Bonus Column: Just Say 'No' to N.O. Building in disaster areas is simply a horrible idea. MORE 2008-01-01 Dangers of a Long-term View It is currently in vogue for companies to eschew quarterly guidance to stay focused on long-term goals. Focusing on quarterly guidance, they say, takes time and attention away from longer-term goals. In theory, this is a good plan, but often the long view of which they speak lacks appropriate focus on risk. MORE 2007-12-05 Beaumont's Bonus Column: Spotting the Thread The state of risk management can be summarized as follows: MORE 2007-12-01 A Time for Speculation While I love risk management as much as the next guy, and probably more, I will be the first to admit that the world of insurance is, well, dull. Rarely do we ever have the opportunity to engage in impassioned speculation around the water cooler. It is hard to even imagine what that would look like. MORE
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