Posts Tagged risk
Risk has a way of changing and adapting to your risk management strategies. Risk is like water looking for the weak seam to flow through and produce a leak. Water is not being an evil conscious entity, that is just the nature water. And that is the nature of risk as well. It will adapt and change and will find the cracks in your risk management system.
“Social currency,” you ask? Here’s a little bit from the press release:
Social Gold has grown by leaps and bounds since it went live in 2008. In the first half of 2010, we’ve processed more than double the entire payment volume we processed in all of 2009. And we’ve welcomed hundreds of developers to our platform. The fact that our highest revenue day was in the last week attests to the continued growth of online gaming.
Our vision is to build world-class products that help developers manage and monetize their virtual economies across the globe. When the opportunity arose to join forces with Google to execute against this vision, we couldn’t pass it up. We are thrilled to bring the Social Gold platform to Google’s global users. And we invite you – our customers, partners, and friends – to continue on the journey with us.
The fact that Google acquired Jambool could be a telling indicator. It likely means that Google—one of the biggest tech powerhouses on the planet and arguably the controler of the largest information hub in the world—believes that social currencies have promise.
As online gaming, virtual worlds, and other virtual experiences become increasingly popular, it makes sense that companies like Jambool would step in to help create mediums of exchange in these new worlds.
It’s impossible to say where all this is headed, but just imagine for a moment that large-scale virtual economies emerge, and virtual goods and services are traded in high-volume, complex markets.
Who will analyze the risks in these new economies?
The skill set of actuaries and other risk professionals should extend well in these new virtual spaces.
Some would argue that our own, “real” currency is already virtual. And in many ways it is. So don’t be too quick to write off these “realities.” Instead, think about how you can play a role.
Please share your thoughts on virtual economies in the comments.
Not surprisingly, BP has taken a public thrashing for not just the environmental and economic disaster but also for not being more forthcoming with the public about the problem. And while it could have used social media sites like Facebook, YouTube and Twitter to report on the problem and what it was doing to stem the flow and ease the damage, it has largely missed that opportunity.
We will probably learn some valuable lessons about risk management, public relations, and who knows what else from BP’s crisis, which is now fully a crisis for many more.
We live in a time when people crave and expect information. Even if it’s bad news, people want the truth. That’s where social media can help in a crisis such as this.
We can’t prevent every disaster, but we can get better at dealing with them.
- J. Eddie Smith, IV