Risk managers should learn from the mistakes of others

Early warning signs can provide vital clues to firms with ‘feet of clay’

Vincent Kaminski

"Learn from the mistakes of others. You can't live long enough to make them all yourself."

This very wise advice by writer and comedian Groucho Marx is difficult to follow in practice. After all, most people are not interested in advertising their blunders, and if they cannot sweep them under the rug, they will always find convenient excuses and scapegoats.

In order to truly learn from the mistakes of others, one idea offered by Black swan author Nassim Taleb is to socialise a lot. That may be

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: