Purpose – The purpose of this paper is to look at how cyber insurance markets might work with the backing of government reinsurance.Design/methodology/approach – The paper is based on interviews and workshops on cyber security, cyber terrorism and cyber crime.Findings – The paper links a...

The purpose of this editorial is to examine fiat currencies and common tenders (trade‐based money) from a risk perspective. The editorial encourages risk managers to consider the distributive benefits of a multiplicity of currencies and urges them to examine common tenders both old, such as...

The financial crises since 2007 have inspired many suggestions for reform. In order to evaluate proposed changes to financial markets and their regulation, we need to agree on the goals and properties of the financial system which we are trying to create as much as come up with ideas for reform....

Are investment bankers valued members of society, or leeches? It all depends on the value they add. In economics, rent seekers are those who compete throughmanipulating the environment rather than adding value. Rent seekers use methods such as encouraging regulation or government protection to...

There is a gap linking organisational risk profiles to real people. Yet people are core to all risk/reward decisions, both at an organisational and a personal level. If an organisation is the aggregate of the decisions made by its people, how can aggregation be carried out sensibly; how can...

The use of a deterministic numeric paradigm in auditing and accounting may well be the root cause of many current problems. This paper argues that risk-based accounting methods should start using probabilistic inputs which would show resultant distributions as output. “Stochastic accounting”...

“Who are you?” may well be the world’s most frequently asked question. On a website, in a nightclub, at an airport, or in front of a bank counter, everyone wants us to prove that we are who we say we are

“You know, comrades,” says Stalin, “that I think in regard to this: I consider it completely unimportant who in the party will vote, or how; but what is extraordinarily important is this — who will count the votes, and how.” [Boris Bazhanov, Memoirs of Stalin's Former Secretary, 1992]...

The application of the scientific paradigm to business operations transformed management thinking in the early part of the 20th century. A plethora of management theorizing since often obscures the simplicity at the core of the scientific paradigm. One approach, Environmental Consistency...

After the financial crisis we realised that the balance sheet and going concern statements of many of our major financial institutions proved wrong. The ‘Credit Scrunch’ of 2007 was a systemic failure. Interactions between elements of the system (banks, rating agencies, regulators,...