#189 – BLACK SWANS, SHAPESHIFTERS, AND FLEXIBILITY – GEARY SIKICH & JOHN M. STAGL

Untitled1-150x150It’s all about targeted flexibility, the art of being prepared, rather than preparing for specific events.  Being able to respond rather than being able to forecast, facilitates the ability to respond to the consequences of an event.

Perspective

It seems that there many experts today who are jumping on the bandwagon and laying claim to some aspect of, or permutation of, the “Black Swan” concept.  I recently read about someone claiming to be a “Master Black Swan Hunter.” 

My question is, “What constitutes a Master Black Swan Hunter?”  Does this mean that we have “Apprentice Black Swan Hunters” and “Certified Black Swan Hunters?”  There must be some criteria that are used to determine when one has achieved the refulgent “Master Black Swan Hunter” status.  I mean how does one reach such an exulted status?  I guess that being able to identify the unknown – unknowns, the highly improbable and extremely rare events before they happen is, in itself, a “Black Swan Event.”  Even Nassim Taleb, the author of the famous book, “The Black Swan, The Impact of the Highly Improbable,” has not yet mastered this.  Or he is just not claiming the title, “Master Black Swan Hunter” yet.

The definition of a Black Swan according to Nassim Taleb, author of the book “The Black Swan: The Impact of the Highly Improbable” is:

“A black swan is a highly improbable event with three principal characteristics: it is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was.”

If we take the three principal characteristics – Unpredictability, Massive Impact, Explaining the event away after the fact; and assess each, perhaps we too can become “Master Black Swan Hunters.”

The Problem

There is a general lack of knowledge when it comes to rare events with serious consequences.  This is due to the rarity of the occurrence of such events.  In his book, Taleb states that “the effect of a single observation, event or element plays a disproportionate role in decision-making creating estimation errors when projecting the severity of the consequences of the event.  The depth of consequence and the breadth of consequence are underestimated resulting in surprise at the impact of the event.”

To quote again from Taleb:

The problem, simply stated (which I have had to repeat continuously) is about the degradation of knowledge when it comes to rare events (“tail events”), with serious consequences in some domains I call “Extremistan” (where these events play a large role, manifested by the disproportionate role of one single observation, event, or element, in the aggregate properties). I hold that this is a severe and consequential statistical and epistemological problem as we cannot assess the degree of knowledge that allows us to gauge the severity of the estimation errors. Alas, nobody has examined this problem in the history of thought, let alone try to start classifying decision-making and robustness under various types of ignorance and the setting of boundaries of statistical and empirical knowledge. Furthermore, to be more aggressive, while limits like those attributed to Gödel bear massive philosophical consequences, but we can’t do much about them, I believe that the limits to empirical and statistical knowledge I have shown have both practical (if not vital) importance and we can do a lot with them in terms of solutions, with the “fourth quadrant approach”, by ranking decisions based on the severity of the potential estimation error of the pair probability times consequence (Taleb, 2009; Makridakis and Taleb, 2009; Blyth, 2010, this issue).

You need to look at long spans of history to catch sight of “rare” events that are all too often forgotten, although they turn out to be far more common and similar than people seem to think.  For example, Deepwater Horizon – many called it a Black Swan, but the Aban Pearl a rig that went down off the coast of Venezuela a few month later barely got any press coverage.  I guess that distance makes it harder to see the Swan?  The long look back is also revealing; as you begin to get a perspective on events and are better able to identify the “Black Swan.”

We have the unfortunate tendency to view recent experience through a very narrow window of data sets.  The data sets often times are based on convenience of access and data availability, rather than on research and a deeper analysis of a broader base of information.  For the most part, this would be fine, except that “rare” events have no set time cycle for occurrence and no arbitrary scale of measurement that we are apt to apply.  Predicting an event (generally done in a broad sense, i.e., there’s going to be a war) essentially is looking at what is possible.  What is possible is a long way from what is probable.  Determining what is probable takes a lot more effort and analysis.

If you have limited experience and/or limited data that are available for analysis, then, for example, predicting a hundred year flood becomes an exercise in creative thinking.  If you are working with a data set that covers only twenty-five years, you simple do not have sufficient information to give an adequate perspective on the risk.  You would have a 1 in 4 chance of observing a one hundred year flood looking at twenty-five years of data.  And, you would be using an arbitrary scale to measure the one hundred year flood; one for which you cannot assure the adequacy of as a true measure of a one hundred year flood.  The recent Japanese earthquake/tsunami is a good example.  Was our frame of reference, the Richter scale, in danger of being exceeded?  What would happen if the earthquake was off the scale?  Perhaps, a new scale would be developed; or perhaps we would rationalize the event as an aberration?

If you don’t have experience, your ability to target your response will be limited.  The nature of “rare events” is that they are rare to the person who experiences them; not that they are “rare.”  Take for example financial collapse of a country.  Throughout history we have vast data that shows financial collapse (Sovereign debt default) is not that rare.  In fact it is quite common.  In its early years as a nation state France defaulted on its external debt no fewer than eight times.  Spain has had thirteen defaults thus far.  It is a relatively small number of countries that have not defaulted on Sovereign debt to date.  And, this number may rapidly shrink in light of the current financial crisis.  Which even Taleb says is not a “Black Swan.”

Speculate Less, Think More

While it is trendy to write about “Black Swan” events and to carry the moniker of “Master Black Swan Hunter,” do we really have the ability to predict with any accuracy the nature of severity of an event, no matter how “rare” that event is deemed?  In 2002, I made the following statement:

“Information, no matter how well managed, is not knowledge unless it can be used.”

With the popularity of deeming every large scale event (an arbitrary judgment on one’s part) a Black Swan (was Hurricane Irene coming so close after a 5.9 magnitude quake that shook Virginia and the east coast a “Black Swan?”), it seems that credentialed professionals are making the classic error of creating false positives for themselves.  These false positives are quickly reinforced by masses of adherents who seem to have lost their capacity to think, to research and analyze.  Or, are we just so enamored of the quick fix, the easy solution and a convenient “tag” to characterize events we cannot predict?

Are we attempting to predict the unpredictable?  A “Black Swan” by definition (Taleb) is unpredictable.  Therefore to be a Master Black Swan hunter you must have to be a bit of a psychic.  But then psychics and palm readers more often than not are revealed as charlatans, schemers and, even if legitimate, predict after the fact or with such generalities as to be able to apply to a broad general audience.

Master Black Swan Hunter – Beware!

Swans fill mythology and folklore.  This is reflected even in its name.  It is one of the oldest names in the English Language; unchanged since Anglo-Saxon times.  In Greek mythology, the story of Leda and the Swan recounts that Helen of Troy was conceived in a union of Zeus disguised as a swan and Leda, Queen of Sparta.  Other references include the belief that upon death the otherwise silent Mute Swan would sing beautifully – hence the phrase swan song; as well as Juvenal’s sarcastic reference to a good woman being a “rare bird, as rare on earth as a black swan,” (rara avis, Latin for rare bird).

In Norse mythology, there are two swans that drink from the sacred Well of Urd in the realm of Asgard, home of the gods.  According to the Prose Edda, the water of this well is so pure and holy that all things that touch it turn white, including this original pair of swans and all others descended from them.

In the Finnish epic Kalevala, a swan lives in the Tuoni River located in Tuonela, the underworld realm of the dead.  According to the story, whoever killed a swan would perish as well.  The list of countries with Swan myths goes on and on.

Those who strive to be a “Master Black Swan Hunter” should beware the pitfalls of drinking the waters, as they may not be so pure.

Shapeshifting, Disasters and Black Swans

Shapeshifting is also a common theme in mythology, folklore and fairy tales.  It is also found in epic poems, science fiction literature, fantasy literature, children’s literature, Shakespearean comedy, ballet, film, television, comics, and video games.  In Greek mythology, shapeshifting is often a punishment from the gods to the humans who crossed them.  Circe transformed all intruders to her island into the form of beasts.  In Norse mythology, Odin transformed Svipdag into a dragon because he had angered him.

I suggest to you that events that are being labeled Black Swans (“rare events”) are really disasters that have been distorted by shapeshifting.  In its broadest sense, shapeshifting occurs either voluntarily or involuntarily.  In the first instance, shapeshifting is influenced and somewhat controlled by the individual.  If the shape change is voluntary, its cause may be an act of will, a decision, or situational awareness.   If the change is involuntary, its cause may be the result of limited information, failure to work through the process of solution, nature and/or extreme influence by external forces.  In essence, the shapeshifting is controlled by another.  We see the second instance more often than the first.  All one has to do is turn on the television and watch the nightly news, any reality show (really are they?), even historical events are affected by shapeshifting.

Disruptive events, disasters, emergencies, crises all share two common threads.  First, they all evolve.  Their uniqueness is in the way that they evolve.  Second, they are not linear.  As they evolve they change form, like the shapeshifter.  Collateral factors come into play.  Consequences last long after the event has ended.  As a result of these permutations, we find that there is no one single, simple solution.  Multiple issues must be identified and addressed.  The identification process is ongoing and requires the ability to recognize the warning signs after the initial impact.  What you thought were the consequences initially; may turn out to be not what the real consequences are.  Perception on the part of various audiences (customers, employees, shareowners, stakeholders, etc.) takes a paramount role in shaping the consequences of an event.  Take for instance, the company that has an event and via social media, news media and other non-official channels there is a perceived concern for the company’s survival.  Suddenly, you may have a self-fulfilling situation.  Nervous shareowners start to liquidate positions; as a result the stock price drops.  Media (news, social, etc.) fuel the fire with articles, tweets, blog posts, etc.  Soon you find yourself in the position of endless defense reacting to each new issue; and a potentially futile defense too.  Once attributes are associated with your company it is almost impossible to shake the label.

As you can see an event seldom ends in the form that it started.  There are multiple layers and levels that go on and on, like a Rubik’s cube with no solution.  These effects last long after the event that triggered the problem.  The ability to recognize impacts, business or otherwise, and the ability to address consequences as they materialize is critical to effective resilience.

Are You a Fixer or a Meddler, Black Swan Hunter?

One of the great questions to ask – are you a fixer or a meddler?  Well, what’s it going to be Master Black Swan Hunter?  A fixer by their very nature does something to mitigate and/or terminate the problem.  A meddler compounds the problem, often times with multiplier effects as a result of their meddling.  Try this sometime; stick your hand in a bucket of water and swish it around until you create a vortex.  Wikipedia defines a vortex as a spinning, often turbulent, flow of fluid.  Any spiral motion with closed streamlines is vortex flow. The motion of the fluid swirling rapidly around a center is called a vortex.  Now, quickly remove your hand.  If you have left a permanent hole in the water – you are a fixer; if not you are a meddler.  By the way, we all meddle to some extent, even fixers.

How do you know that you have successfully hunted the “Black Swan” if you have never experienced it before?  Go back to Taleb’s definition and the three criteria: 1.) unpredictability; 2.) massive impact; and, 3.) after the fact, an explanation that makes it appear less random, and more predictable, than it was.  Until the event occurs and is cataloged, it cannot be labeled a “Black Swan.”  You simply have too little information available to quantify an event that has not occurred as rare, predict its impact and the timing of its occurrence.  The simple fact is; you cannot classify that which you cannot recognize until it occurs.  Hence, the ability to be a “Master Black Swan Hunter” may fall into the realm of mythology and folklore.  Many may lay claim to being a “Black Swan Hunter;” however few, if any, possess this ability.  Claiming the title of “Master Black Swan Hunter” often enables the claimant to trick, deceive, mislead and meddle.  Throughout history many murder sprees have been attributed to the presence of these beings.

As Halloween is just around the corner, perhaps going as something that reflects the “Black Swan?”  Perhaps the rarest of events, the dreaded “double black swan;” or was that a “triple dog dare you?”

To paraphrase Darwin, “it is not the strongest of the species that survives, not the most intelligent, but the one most responsive to change.”  The whole problem with “Black Swan” hunting is the scope of the challenge.  “Black Swans” cannot be incorporated into processes, models or methodologies because they are simply unthinkable.  Because we are human, we generally can only relate to that which we have experienced.  Therefore, if I have not experienced the unexpected, unpredictable, etc. (it being beyond my experience), how can I plan effectively for what I do not know?  How can I develop the skills of the “Master Black Swan” hunter to anticipate unpredictable, unexpected eventualities?  I do not have the capability to model them, because I cannot think of them!  We can make assumptions; but assumptions are at best, a best guess of what we think might happen or what could be on a scale that we are comfortable with.  Perception is our reality.  For example, in differential calculus, an inflection point, point of inflection or inflection (inflexion) is a point on a curve at which the curvature changes sign.  Observing the curve change from being concave upwards (positive curvature) to concave downwards (negative curvature), or vice versa is not a static proposition.  If one imagines driving a vehicle along a winding road, inflection is the point at which the steering-wheel is momentarily “straight” when being turned from left to right or vice versa.  The change in direction is based on our perception influenced by our visual capacity to determine a change in direction.  Here are some limitations to consider when thinking about claiming the title of “Master Black Swan Hunter”:

  • Incompleteness of the model (as the “Black Swan” is unpredictable, can you really model it?
  • Incorrectly specified parameters/scope (Measurement tools are inadequate)
  • Overly complex (It’s not easy to detect paradigm shifts, it’s best to claim to detect as many as possible and quietly bury your failures)
  • Scenarios may no longer be appropriate (Unpredictability, evolving nature of the event over time means that the event seldom ends in the form that it started)
  • Obsolescence of the model (Unpredictability and evolution make the model obsolete)
  • High cost to develop, operate and maintain (Skill set requires vast amounts of experience; limited by time and the nature of rare events)
  • Require a high degree of interpretational skill (knowledge, experience, background – human capital)

This list might help to give you some ideas for hunting the “Black Swan” (or if you are going to a Halloween party).  I will associate 10 mythical creatures with current events – “Black Swans” or not?

10.) Leshy – European Sovereign Debt

The Leshy is a male woodland spirit in Slavic mythology.  The Leshy has pale white skin and dark green eyes. The creatures can shrink themselves to the height of a blade of grass or grow to the size of the tallest trees.  It is commonly understood that leshies will lead peasants astray, make people sick; even tickle them to death.  The creatures are terribly mischievous and have horrible cries.  However, Leshies can also imitate human voices and often times lure lost wanderers to their caves. They aren’t always evil, but enjoy misguiding humans and kidnapping young women.  Europe’s problems can be summed up as:

Pythagorean Theorem: 24 words
Lord’s Prayer: 66 words
Archimedes’ Principle: 67 words
Ten Commandments: 179 words
Gettysburg address: 286 words
US Declaration of Independence: 1,300 words
US Constitution with all 27 Amendments: 7,818 words

EU regulations on the sale of cabbage: 26,911 words

9.) Selkie – Disappointing Corporate Profits

Selkies are creatures found in Faroese, Icelandic, Irish, and Scottish mythology.  Selkies are able to shapeshift by shedding their seal skin, a risky endeavor because they must reapply the same skin in order to return to seal form.  Stories surrounding these creatures are usually romantic tragedies.  The creatures have been known to lure humans into the sea, by creating illusions and a false sense of reality.

8.) Berserker – United States Federal Reserve’s Monetary Policy

Berserkers were a group of Norse warriors.  They are human, but in battle entered into a nearly uncontrollable, trance-like fury and transformed into wolves, bears, and wild bulls.  They are characterized as having bloodshot eyes, incredible strength, and endurance.

7.) Kitsune – Japanese Sovereign Debt

In Japanese folklore the Kitsune is an intelligent and magical being.  The creature’s strength increases with age, wisdom, and life experience.  They have the ability to assume human form and are great tricksters.  They can willingly manifest themselves in people’s dreams and create illusions so elaborate that they are perceived as reality.  In some regions of the world the creatures can bend time, space, and drive people mad.

6.) Púca – High Frequency Trading

The Púca is a legendary creature of Celtic folklore, most notably in Ireland, the West of Scotland, and Wales.  The Púca is a mythological fairy and ultimate shapeshifter. The creatures are capable of assuming a variety of terrifying forms.  No matter what shape the Púca takes, its fur is always dark.  Púcas have the power to use human speech and although they are known for giving good advice, they also enjoy confusing and terrifying humans.  Púcas have a fondness for riddles and are sociable creatures.  They love to gather and play pranks on unsuspecting people and children.

5.) Wendigo – Civil Unrest, Revolution, Geo-Political Events

The Wendigo is a creature appearing in the mythology of the Algonquian people.  Descriptions of the Wendigo vary across culture, but they are generally described as a large alien-like canine beast.  They are malevolent and cannibalistic creatures.  The person will become possessed by the demonic spirit of the beast, usually in a dream.  Once transformed, the individual will become violent and obsessed with eating human flesh. These monsters are the embodiments of gluttony, greed, and excess.  They are never satisfied with killing and consuming one person.  Wendigos are constantly searching for new victims.  Recently the Wendigo has become a horror entity, much like the vampire, werewolf, or zombie.

4.) Encantado – Pandemics, Epidemics, Global Health Issues

An Encantado is a Brazilian legendary creature. They live in a deep underwater realm named the Encante.  Encantados are most commonly viewed as a type of freshwater dolphin or sea snake that has the ability to shapeshift into human form.  The creature’s transformation into human form seems to be rare and usually occurs at night.  While in human form the Encantado will wear a hat to hide its protruding forehead.  It does not disappear while shapeshifting.  They use various mind control techniques and can inflict illness, insanity, and even death.

3.) Aswang – Rising Commodity Prices

An Aswang is a mythical creature in Filipino folklore.  The creature is described as a combination of vampire and witch and is almost always female.  The Aswang is an eater of the dead and a cannibal.  In human form they appear normal, and are quiet, shy, and elusive.  At night, they transform into the deadly beast.  One key feature of the Aswang is its bloodshot eyes.

2.) Vampires – Continued Weakness, Collapse of the Housing Markets Worldwide

Vampires are legendary creatures said to feed on the blood of humans and animals.  It is difficult to make a single, definitive description of the folkloric vampire, although they were usually reported as bloated in appearance, ruddy, purplish, or dark in color.  They are shapeshifters and can take many forms, predominantly bats or humans.  In the past, vampire superstition in Europe led to mass hysteria, which resulted in corpses being staked and people being accused of vampirism.  The creatures will frequently visit their relatives, particularly their spouses.  Vampires are masters of disguise and camouflage.

1.) Lycanthrope – U.S. Sovereign Debt

Lycanthropes or werewolves are mythological humans that have the ability to shapeshift into wolves or anthropomorphic wolf-like creatures.  They can infect the human population with a bite and the creature’s transformation is often associated with a full moon.  The beasts are known to feed on the homeless and easy prey.

Conclusion – You Cannot Forecast – You Cannot Anticipate

Clearly defined rules for the world do not exist; therefore computing future risks can only be accomplished if one knows future uncertainty.  The problem that faces us as we examine the efficacy of the Black Swan concept is that the “Black Swan” event cannot be anticipated – it is unpredictable!  Taleb’s own definition requires that the event must already have impacted us before we can determine, with certainty, that the event is really a “Black Swan” event.  Further compounding the value of this concept is the fact that no two people, organizations, companies, etc. are necessarily impacted exactly the same by a common event, let alone an event tagged as a “Black Swan.”  For one person, organization, company, etc. an event might be cataloged as a negative “Black Swan” after it is over; while that same event might be an inconvenience or a positive “Black Swan” for another entity.  Since impact to each entity is defined by the entity and not unilaterally by the event, the idea of “Black Swan” cannot be absolute.  “Black Swans” are, in fact, subjective.  So as you go searching (hunting) for that elusive Swan, you must deal with the simple fact that you cannot know if you have found it until after it has occurred; and dependent on its impact, might be positive or negative!  By then that elusive bird has flown away and is long gone, making the entire hunting effort (attempting to predict) of questionable value.

This “after the fact” logic leads to a number of problems with the whole concept of the “Black Swan.”  One must ask, “What value is there in this concept, if it can only be identified after it has occurred?”  You cannot preclude the “Black Swan’s” impact (unpredictable).  Nor can you mitigate its effects (again unpredictability) as a “Black Swan.”   You can, at best, only deal with the consequences of its occurrence.  This is like looking at your car after a hurricane and finding a large tree has fallen on it and crushed it.  Do you really care if it is a Black Oak that crushed your car or an Elm tree?  You must now deal with fixing and/or replacing your car.  The kind of tree that caused the damage could not have been forecasted, predicted, etc. and now it is not relevant, only the damaged car is relevant.  Further, if this is the only car you own this event may be a negative “Black Swan.”  If this is one of two cars you own, then this could be a positive “Black Swan” or at worst an inconvenience.

The vast majority of planners find they are limited by that common human frailty – we cannot know the future and are therefore condemned to deal with the after effects of an event.  At that time management’s focus is on addressing the consequences of the event, quickly and effectively.  You can ponder the color of the Swan (disaster) on your own time, not theirs.

Being able to respond rather than being able to forecast, facilitates the ability to effectively react to the consequences of an event.  For example:

On 3 August 2011, Reuters reported (Emma Farge) the following:

BP removes WW2 mine from Forties pipeline

12:14pm EDT LONDON, Aug 3 (Reuters) –

British oil major BP has removed an unexploded German World War Two mine that was near the subsea Forties pipeline and will restart it as planned on Aug. 5 after maintenance, a spokesman said on Wednesday.

“BP confirms that the ordnance that had been lying next to the main Forties pipeline, 40 km off the coast of Peterhead, has been successfully removed and towed 4km to a safe area in preparation for disposal,” the company said in an e-mailed statement.

A BP spokesman told Reuters that maintenance work planned to coincide with the removal would finish on Aug. 5 after a five-day outage.  

The North Sea oil pipeline handles about 40 percent of the UK’s production.

A “Black Swan” or not; we leave it to you, mighty “Master Black Swan” hunters.

About the Authors

Geary W. Sikich is the author of “It Can’t Happen Here: All Hazards Crisis Management Planning” (Tulsa, Oklahoma: PennWell Books, 1993). His second book, “Emergency Management Planning Handbook” (New York: McGraw-Hill, 1995) is available in English and Spanish-language versions. His third book, “Integrated Business Continuity: Maintaining Resilience in Uncertain Times,” (PennWell 2003) is available on www.Amazon.com.  His latest book, entitled, “Protecting Your Business in a Pandemic: Plans, Tools, and Advice for Maintaining Business Continuity” is published by Praeger Publishing.  Mr. Sikich is the founder and a principal with Logical Management Systems, Corp. (www.logicalmanagement.com), based near Chicago, IL.  He has extensive experience in management consulting in a variety of fields. Sikich consults on a regular basis with companies worldwide on business-continuity and crisis management issues. He has a Bachelor of Science degree in criminology from Indiana State University and Master of Education in counseling and guidance from the University of Texas, El Paso.  Geary can be reached at (219) 922-7718.

John M. Stagl is a Certified Business Continuity Professional, Corporate Consultant and Director of Business Continuity for BELFOR the largest disaster response company in the world.

Mr. Stagl works with corporate clients in the planning for and actual response to disasters caused by fires, earthquakes, terrorism and other medical and economic factors that interrupt business operations.  He uses his 18 years as an executive in the insurance industry and more than 20 years of actual hands-on experience in the disaster response industry, to assist companies in the development of the most cost effective recovery tactics for their operations.

Mr. Stagl has been a Vice President of Strategic Planning as well as a Consultant in the field of Business Continuity.  He was on the Board of Directors for the North American Society for Corporate Planning from 1982-1984.  His work has been recognized in Marquis’ Who’s Who in Finance & IndustryMen of Achievement (a European Who’s Who published in Cambridge, England) and he was a charter member of the Editorial Advisory Board for Continuity Insights Magazine from 2003-2008.  He is also a member of the Canadian Center for Emergency Preparedness, an international group of Business Continuity Planners.  He has taught “Financial Economics” at the University of Baltimore, lectured on Strategic Planning and speaks & writes regularly on the subject of Strategic Business Recovery Planning.

Mr. Stagl worked in Army Intelligence from 1966-1969 including one year in Vietnam.  He received his BA from John Carroll University in Cleveland and his MBA in Finance from DePaul University in Chicago.  John can be reached at (847) 205-0580.

REFERENCES

  • Apgar, David, Risk Intelligence – Learning to Manage What We Don’t Know, Harvard Business School Press, 2006.
  • Brooks, David, “Our risk mismanagement,” New York Times Published on Sunday, May 30, 2010
  • Davis, Stanley M., Christopher Meyer, Blur: The Speed of Change in the Connected Economy, (1998).
  • Farge, Emma; BP removes WW2 mine from Forties pipeline; 12:14pm EDT LONDON, Aug 3 (Reuters)
  • Gardner, Dan, “Risk: Why we fear the things we shouldn’t – and put ourselves in greater danger,” 2008, McClelland & Stewart Ltd.  ISBN: 978-0-7710-3259-2
  • Kami, Michael J., “Trigger Points: how to make decisions three times faster,” 1988, McGraw-Hill, ISBN 0-07-033219-3
  • Klein, Gary, “Sources of Power: How People Make Decisions,” 1998, MIT Press, ISBN 13 978-0-262-11227-7
  • Levene, Lord, “Changing Risk Environment for Global Business,” Union League Club of Chicago, April 8, 2003.
  • Odiorne, George, “Management and the Activity Trap,” Harper & Row Publishers; 1974, ISBN 0-06-013234-5
  • Orlov, Dimitry, “Reinventing Collapse” New Society Publishers; First Printing edition (June 1, 2008), ISBN-10: 0865716064, ISBN-13: 978-0865716063
  • Rosenbaum, Eric, “BP, Big Oil: Meet Sarbanes-Oxley Section 302,” 22 June 2010
  • Sikich, Geary W., Managing Crisis at the Speed of Light, Disaster Recovery Journal Conference, 1999
  • Sikich, Geary W., Business Continuity & Crisis Management in the Internet/E-Business Era, Teltech, 2000
  • Sikich, Geary W., What is there to know about a crisis, John Liner Review, Volume 14, No. 4, 2001
  • Sikich, Geary W., The World We Live in: Are You Prepared for Disaster, Crisis Communication Series, Placeware and ConferZone web-based conference series Part I, January 24, 2002
  • Sikich, Geary W., September 11 Aftermath: Ten Things Your Organization Can Do Now, John Liner Review, Winter 2002, Volume 15, Number 4
  • Sikich, Geary W., Graceful Degradation and Agile Restoration Synopsis, Disaster Resource Guide, 2002
  • Sikich, Geary W., Are We Creating False Positives?, Continuity e-Guide, March 2004
  • Sikich, Geary W., “Aftermath September 11th, Can Your Organization Afford to Wait”, New York State Bar Association, Federal and Commercial Litigation, Spring Conference, May 2002
  • Sikich, Geary W., “Integrated Business Continuity: Maintaining Resilience in Times of Uncertainty,” PennWell Publishing, 2003
  • Sikich, Geary W., “It Can’t Happen Here: All Hazards Crisis Management Planning”, PennWell Publishing 1993.
  • Sikich Geary W., “The Emergency Management Planning Handbook”, McGraw Hill, 1995.
  • Sikich Geary W., Stagl, John M., “The Economic Consequences of a Pandemic”, Discover Financial Services Business Continuity Summit, 2005.
  • Sikich, Geary W., “Black Swans or just Wishful Thinking and Misinterpretation?” e-Continuity Guide, July 2010
  • Sikich, Geary W., “When is a Black Swan not a Black Swan?” ContinuityCentral.com, June 2010.
  • Sikich, Geary W., Will BP’s catastrophe in the gulf be the defining moment for oil industry executives?” pending publication August 2010.
  • Sikich, Geary W., “BP Vortex 6” Created, June 2010.
  • Surmacz, Jon, “Disaster Preparedness,” CSO Magazine, August 14, 2003
  • Tainter, Joseph, “The Collapse of Complex Societies,” Cambridge University Press (March 30, 1990), ISBN-10: 052138673X, ISBN-13: 978-0521386739
  • Taleb, Nicholas Nassim, The Black Swan: The Impact of the Highly Improbable, 2007, Random House – ISBN 978-1-4000-6351-2
  • Taleb, Nicholas Nassim, The Black Swan: The Impact of the Highly Improbable, Second Edition 2010, Random House – ISBN 978-0-8129-7381-5
  • Taleb, Nicholas Nassim, Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, 2005, Updated edition (October 14, 2008) Random House – ISBN-13: 978-1400067930
  • Taleb, N.N., Common Errors in Interpreting the Ideas of the Black Swan and Associated Papers; NYU Poly Institute October 18, 2009
  • Vail, Jeff, The Logic of Collapse, www.karavans.com/collapse2.html, 2006
  • Van Vactor, Sam, Dr, “US Energy and the Dodd-Frank Act,” 10 August 2010
  • Young, Brendon, “Accounting and Risk Management: the need for integration,” Journal of Operational Risk, Vol.6, Number 1, Spring 2011

Leave a Reply

Your email address will not be published. Required fields are marked *