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Occupy Wall Street Time Line

The Occupy Wall Street movement going on in Manhattan’s Financial District and the Occupy [Insert City Name] protests it has spawned nationwide are rooted in the 2008 economic meltdown and subsequent government bailouts. Those were of course spawned by terribly flawed business practices of financial firms, perhaps most notably the “sure, I’ll insure that” stance taken by AIG. And as we all know, horrible risk management was a big part of that what led to the preceding years of flawed, reckless corporate behavior.

Now, people are cheesed off. They are not a monolithic group and have many other gripes about the environment, government spending, wealth distribution and so forth. But much of it certainly has to do with the collapse. The fact that the unemployment rate has been hovering just shy of 10% for more than two years certainly is the subtext for the rationale behind the why they are there and where they are.

And it doesn’t look like it will end anytime soon.

The mainstream press is just starting to cover this now, so many are still understandably in the dark about what is going on. Fortunately, Mother Jones has cataloged the happenings of the past few months in a nice little time line of the evolution of the Occupy Wall Street movement.

Read this to catch up and head over to the Mother Jones site to check out their map of the protest locations and an interesting infographic about income disparity.

  • July 13: The Canadian magazine Adbusters makes a call to Occupy Wall Street.
  • August 30: The hacktivist collective known as Anonymous releases a video answering the call and encouraging others to follow suit.
  • September 17: Nearly 1,000 gather to protest corporate greed and begin occupying the financial district in New York City.
  • September 22: Demonstrators interrupt a Sotheby’s Auction, “in a show of solidarity with the art handler’s union that had been locked out.” This is the first instance of labor unions and the movement locking step.
  • September 24: 80 protestors are arrested during a peaceful march; a video of a police officer pepper-spraying a nonthreatening woman goes viral.
  • September 27: The Occupy Wall Street campaign comes out in support of postal workers who are protesting their reduced five-day work week.
  • September 30: More than 1,000 demonstrators march on NYPD headquarters, protesting the police response against the demonstrators.

 

October Issue of Risk Management Now Online

The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter“like” us on Facebook and join our LinkedIn group.

Happy Cybersecurity Awareness Month

October is national cybersecurity awareness month. Here at Risk Management magazine, we celebrated by running an eight-page feature on the topic in our latest issue. Over at the Department of Homeland Security, they have launched an online campaign to educate the public on the threat and ways to mitigate the threat.

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Atop the webpage for its “Stop. Think. Connect” campaign is the following quote from the president.

“Cybersecurity is not an end unto itself; it is instead an obligation that our governments and societies must take on willingly, to ensure that innovation continues to flourish, drive markets, and improve lives.”

— President Barack Obama

And they also include the handy chart below on ways people can protect themselves.

Increasingly, the government is taking this risk seriously.

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I heard a presentation by Richard Clarke this summer and he warned that the United States remains woefully underprepared for cyberthreats. That’s probably true, but Washington officials are ramping up their efforts with reforms like the National Cyber Command.

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And while a web campaign isn’t going to protect the nation against Chinese hackers, Iranian worm attacks or North Korean cyberattacks, it will hopefully help a few people increase their personal safely, even if ever so slightly.

And while that isn’t the major leap forward the nation needs to stay protected in a world in which the digital threat gets scarier everyday, increasing the security of one person at a time is better than nothing.

The Financial Toll of the Arab Spring

Political and social turmoil often disrupt business operations. And when we’re talking about revolutions like those seen throughout the Middle East in 2011, those disruptions — and the associated costs — amplify.

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The Financial Times is here to provide some examples of just how much damage some companies have suffered. The start by noting a Grant Thornton survey from June that claims a whopping 22% of the world’s companies were affected by the Arab Spring. Globalization indeed.

International companies in sectors such as retail, travel and construction have unsurprisingly been early losers.

In July, Thomas Cook, the tour operator, said it expected operating profits this year of just £320m – compared with analysts’ estimates of £380m – because of declining business in Egypt, Tunisia and Morocco.

Cyril Sweett, a British consultancy and property company, warned last month that its next financial results would be hit because Middle Eastern turmoil had led to a number of projects being scrapped.

Other companies are struggling to collect payment for bills for projects disrupted by protest, armed conflict or regime change.

Dana Gas, a fuel producer heavily dependent on Egypt, is owed 0m by the country for invoices related to natural gas sales, according to Ahmed Al-Arbeed, chief executive, adding that some will be repaid this year.

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Rentokil Initial, the pest-control to cleaning services company, said it would be “nice to get back” £4.8m it says it is owed for a rat-catching contract signed while Colonel Muammer Gaddafi was still in power in Libya, although it is as yet undecided on whether to revive its operations in the country.

Great anecdotes to help show the depth of the problem. And on the macro-level, here’s an infographic from Grant Thornton listing what percentage of companies in different regions have been negatively affected by the uprisings.

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