Financial fraud is all around us. People routinely con banks or simply default on large loans or credit card bills. There are others who take large insurance policies and submit wrong claims. I have had the good fortune of meeting many risk officers and underwriters, and have heard sordid tales of financial crime. The ingenuity of fraudsters never ceases to amaze me. Risk officers and underwriters are forever playing catch-up. Every time they adjust their systems and processes, a new type of fraud emerges!
Suppose you’re responsible for hiring at your company, a fast-growing organisation that is causing ripples across the industry, but is not known for making waves yet: if you’re a Tier II company, or a fast-growth start-up, you need to hire the very best talent out there, right? Wrong. Hunting for the ‘best talent out there’ doesn’t really help your firm. What you should be looking for is the best talent for your organisation, your situation, and your business aspirations.
In 1939, a team of British mathematicians set about breaking the Enigma code, a system used by the Axis forces to send and receive secret messages. The Enigma machine could be coded in 10 19 ways. Armed with statistical weapons, the team built a system that could significantly reduce the set of possibilities required to decode the Enigma machine. The Enigma code was broken every day, saving millions of lives and swinging the outcome of the war towards the Allies.