Back in 2005, Jobs delivered the commencement address at Stanford University. As was his style, it was a direct and inspiring address. The YouTube video is below and the transcript can be found here. Many quotes stand out but I wanted to highlight a couple that resonated for me. The first came after he told the story of how he was fired form Apple in 1985:

Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.

The next came after he spoke of his fight with pancreatic cancer:

No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because death is very likely the single best invention of life. It is life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.

Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.

Coincidentally, I also wrote a bit about Steve Jobs and his departure from Apple in the Preface of the October issue of Risk Management. In it I talked about Apple’s next steps in light of their founder’s departure. The article is not available online, so I share it here:

When Apple CEO Steve Jobs announced his retirement in August, the internet exploded as countless Apple fanboys wondered about the future of their beloved company. The unenviable task of replacing Jobs now falls to Tim Cook, who formerly served as Apple’s COO. He certainly has his work cut out for him. During Jobs’ 14-year tenure as CEO, Apple’s stock has risen more than 9,000%, taking it from a tech start-up on the verge of bankruptcy to a firm that now vies with Exxon Mobil for the title of “most valuable company in the world.” Perhaps more importantly, Jobs was the visionary behind such innovations as iTunes, iPods, iPhones and iPads that have not only changed markets but helped transform the way people interact. Talk about a tough act to follow.

Despite the size of the shoes he has to fill, it is unlikely that Apple will suffer with Cook at the helm. After all, he has been with the company for 13 years and even served as acting CEO during Jobs’ medical leaves. It is, however, a different world than it was when Jobs took over Apple in 1997. Hacking is no longer simply a hobby for basement-dwelling computer geeks. Now it is big business. And what better target than the products of the world’s most valuable company? Malware and viruses that were once virtually nonexistent on the Mac platform are already starting to proliferate as motivated hackers have become more creative. Case in point: hackers recently discovered a vulnerability in MacBook batteries—a place no one ever thought to look—that would allow them to take over the computer or even set it on fire. Based on this, perhaps Apple’s new CEO will need to focus less on growing the company and more on protecting it.

As I read through various message boards about Jobs, I came across a quote shared by many people in one variation or another that shows the impact he had on so many people. “Three apples changed the world forever. The first once seduced Eve, the second fell on Newton and the third was offered to the world by Steve Jobs.”

Modern society is typically given to hyperbole that is, in many cases, unearned. Steve Jobs is not one of those cases. It is the rare CEO that can inspire devotion and admiration beyond the products or services their company sells. But as the many tributes you are likely to see in the coming days will attest, Jobs was no ordinary businessman. He was a visionary and an icon and he will be missed.

Rest in peace, Mr. Jobs.

Of all the “where were you when?” moments, none resonates so clearly in my mind as the attacks of September 11, 2001. I’m not a sentimental person by any means but even a decade later, I find myself getting choked up when watching or reading reports of that day.

Everyone has a story. I was working in Midtown Manhattan. From my 20th floor office window, I had a view of the towers and watched as they buckled and fell before my eyes. No one in the office said anything. There were no words.

As I made my way to the train that would take me home to Long Island, the city was in shock. The expressions of sorrow, horror, confusion and fear that I saw likely mirrored my own. As I walked, I stared in a daze at the black smoke in the distance until I realized that I had been walking in the middle of the street for blocks with no regard for traffic. But no car horns ever sounded. At the train station, the mood was the same. Even though trains were delayed, no riders complained. Who would dare when you were sharing the platform with downtown workers covered in the dust of collapsed buildings that once dominated the New York skyline?

When I finally made it home, everyone wanted to hear about what I saw, but I didn’t want to talk about it. How do you describe what it’s like to watch a skyscraper full of people fall to the ground?

Thankfully, no one I knew died. I was lucky. Loss was everywhere, however, and when I finally returned to the city after a few days, sagging shoulders and hollow, glassy-eyed stares were all too common. I had to stop reading the newspapers because the reports became too excruciating. It was all I could do to keep from crying.

It’s a cliche to say that the world irrevocably changed on September 11, but it did. In a sense, the world shrank. Terrorism was no longer something that only happened overseas. The fears of the world were our fears now. And with that came the increased need for more and better security. To a certain extent, Americans had always taken their safety for granted, but now this kind of thinking was obsolete. The attacks showed us that all risks were possible and our mitigation plans were going to have to change to reflect this reality. Ten years later, this mindset lives on every time we go to the airport or participate in a disaster preparedness drill. It is a testament to our resiliency that we now find most of these things to be annoying. Evidently, not even terrorists could stop us from complaining.

If there can be anything positive to take away from this tragedy, perhaps it is that September 11 has made us more vigilant to all the risks that are around us and, as a result, organizations and individuals alike have taken great steps to reduce these threats. We still have blind spots, as evidenced by Hurricane Katrina, for instance. But overall, the argument could be made that in some ways we may be safer than we were 10 years ago.

Of course, this doesn’t mean the painful memories of September 11 have vanished, particularly for the families and friends of the nearly 3,000 people who died that day.

But there has been progress. At the World Trade Center site, the National September 11 Memorial and Museum opened on the anniversary of the attacks, while the new One World Trade Center steadily climbs to its eventual 1,776-foot height after years of political infighting and financial controversy. Hopefully, these signs of rebirth, coupled with the memory of those we lost, can inspire us to move beyond tragedy and create a new legacy for September 11 — a legacy of a better, safer world.

"It wasn’t sympathy that got me elected but ability," says Bermuda Premier Paula A. Cox

Insurance, like global politics, is still man’s world. Back in February, we ran a cover story about the hurdles and opportunities that exist for women in risk management and insurance.

With this in mind, I asked Bermuda Premier Paula A. Cox for her thoughts on the matter during our interview at RIMS 2011 Vancouver. Space concerns in our July/August issue didn’t allow for the entire conversation to make it into the “View From Bermuda” Q&A in print, so below are her thoughts on the role of women in government and business.

Risk Management Monitor: As a woman who has been successful in government and business, have you ever had to face challenges because of your gender? How were you able to overcome them?

Paula Cox: There are still too many boardrooms, when you look at the board of directors, where there are far fewer women who sit around the boardroom table. I don’t think that that is an indication that there is a lack of skill and ability among women.

I think that people are accustomed to doing business with those they feel comfortable with, and if a woman hasn’t made herself proficient on the golf course, perhaps she’s not necessarily going to get in the frame where some of the decision-making occurs. So I think it is [important] to try and demystify and debunk the myths that women aren’t capable or able to deal with the issues as are their male counterparts.

From a political perspective, there is a certain inherent chauvinism in politics worldwide. It is not unique in that regard. But the majority of the electorate and the thinking voters are women, and I think that it is going to be ability and sensitivity to the issues that get you elected.

That’s what occurred in October [in Bermuda] in terms of internal elections. I was the only female candidate, and I can assure you that it wasn’t sympathy that got me elected but ability. From my perspective, to be successful as a leader, my job is to do my job and not worry about keeping my job. That’s not my focus. There could be 20,000 people coming behind me who want to be a leader. That’s not my issue. My issue is to do my job.

I think you have to know why you want the job. I certainly don’t want it for glamour and style or for the money because none of those would be delivered by the role. It’s because I want to make Bermuda a better place, and it requires nothing more than hard work and having a team that is prepared to work with you.

You give me those skills and my gender is really irrelevant.

As email and text-messaging increasingly become the primary forms of communication, the continued widespread use of email and texting in the corporate setting creates a whole host of interesting issues for companies and their lawyers. In litigation, for example, emails are an important component of discovery and often contain the proverbial “smoking gun.” The best defense is a good offense, which starts with a thoughtful analysis of the threats, backed by sound policies and practices that may ensure the proper use, retention and handling of emails and other electronically stored information.

Among the topics she discusses are information retention policies, the effect of litigation hold notices, how to avoid sanctions and the usefulness of forensic reviews. So don’t miss this informative article, only on RMmagazine.com.

• What types of items should a risk manager reevaluate?
• How often should these items be reviewed?
• What steps can be taken to guarantee an optimal functioning self-insurance mechanism?
• Will the actions of today best match the needs of the future?
• How does a risk manager know the decisions are correct?
• What can be done to reduce future insurance costs?

For answers to these important questions and more, check out this informative article, only on RMmagazine.com.

While the bank has been criticized for waiting a month before notifying customers about the breach (the incident was discovered on May 10 but not revealed until June 9), it is to their credit that Citigroup has been up-front about what they have done to mitigate the threat.

Upon discovery, internal fraud alerts and enhanced monitoring were placed on all accounts deemed at risk. Simultaneously, rigorous analysis began to determine the precise accounts and type of information accessed. The majority of accounts impacted were identified within seven days of discovery. By May 24, we confirmed the full extent of information accessed on 360,069 accounts. An additional 14 accounts were confirmed subsequently. To determine the cardholder impact required analysis of millions of pieces of data.

The customers’ account information (such as name, account number and contact information, including email address) was viewed. However, data that is critical to commit fraud was not compromised: the customers’ social security number, date of birth, card expiration date and card security code (CVV).

While the investigation was underway, preparations began to notify customers and, as appropriate, replace affected customers’ credit cards. As of May 24, we began the process of developing notification packages including customer letters and manufacturing replacement cards, as well as preparing our customer service teams. Notification letters were sent beginning June 3, the majority of which included reissued credit cards.

Citigroup also indicated that they have implemented “enhanced procedures” to prevent another incident and said the customers would not be liable for any fraudulent charges on their accounts and could contact the bank to set up free identity theft protection.

Unfortunately this is not the only high-profile cybersecurity incident to make headlines in the last couple of days. A group of hackers calling themselves LulzSec hacked the CIA’s website and took it offline Wednesday night. The group claims to have been responsible for recent attacks on the U.S. Senate, Sony and PBS. According to experts, their motivation has been simply for “grins and giggles.” Evidently it’s the hacker equivalent of the old mountain climbing justification, “Because it’s there.”

The larger question, however, is what do these incidents say about the preparedness of the United States to fight cybercrime. According to a interesting Reuters report, the gap between criminals and those tasked with stopping them is widening.

“We’re much better off (technologically) than we were a few years ago, but we have not kept pace with opponents,” said Jim Lewis, a cyber expert with the Center for Strategic and International Studies think tank. “The network is so deeply flawed that it can’t be secured.”

While the government is working to improve security, it seems unlikely that anyone will ever be able to get ahead of the threat. For many organizations, the only strategy may be to minimize the damage and chalk up cybersecurity as another cost of doing business. Hopefully that cost doesn’t get too high.

Now I’m not one to criticize someone’s religious beliefs, but it’s not the first time someone’s predicted the end of the world (2012 anyone?) and last I checked we’re still here. And it’s a good thing too because I think we would all feel pretty dumb if we had been working in an industry that’s all about planning for possible disasters and we failed to account for the biggest risk of all. At the very least, I’m sure we could have put those insurance premiums to better use.

Even the insurers could have profited, according to a post I wish I wrote by Laura Mazzuca Toops over at PropertyCasualty360.com. As she wisely pointed out:

If you think the Japan earthquake and Mississippi flooding presented problems with the manufacturing supply chain, consider the business implications of some 2 billion people worldwide just up and disappearing one day–whether by Rapture, alien abduction or just going on a short visit to see Elvis, Jim Morrison and Tupak. If this isn’t an opportunity to market business interruption coverage, I don’t know what is.

Also:

Property-casualty coverage should be selling like hotcakes, considering the accidents and other disasters that will inevitably happen when the Chosen are snatched from behind the wheel (and the ”act of God” exclusion could let insurers off the hook for many of the sure-to-be massive claims).

The End of Days has also brought out the entrepreneurial spirit in some enterprising individuals. For a fee, one company will take care of your pets after you’ve been “raptured” while another will send previously written emails from you to your heathen loved ones who are left behind after you’ve been saved. After all, just because the world’s ending doesn’t mean you can’t make a buck before you go.

So hopefully, when tomorrow rolls around, you’re one of the lucky ones. If not, I suggest you kick back, relax with the cold beverage of your choice and maybe you’ll get to watch some amazing fireworks.

Personally, I think we’re in the clear, but you never know. Either way, I’ve got my soundtrack, courtesy of Medeski Martin & Wood. See you next week?

For instance, “Building an ERM Roadmap” and “ERM Technology Tool Review” included a variety of practical guidelines and sample tools. The discussions focused on how to develop, report and monitor an effective program that meets the business area and board’s needs.

Grace Crickette, chief risk officer at the University of California, offered a useful online resource, based on the university’s own ERM efforts, to help companies define and implement ERM programs in their organizations.

Like organizations within the private sector, the UC system operates in an inherently risky environment. By strategically managing risk, we can reduce the chance of loss, create greater financial stability, and protect our resources so we can continue our mission of supporting teaching, research and public service.

As part of this strategic approach to managing risk, the UC leverages an Enterprise Risk Management Information System, which provides users with a single portal through which they can access and analyze information related to their specific area.

For anyone looking to make progress with their own ERM program, this might be a good place to start.

But while the rewards of increased customer access are well known, many risk managers are unsure of the threats that social media presents to their businesses. In a standing room-only session at RIMS 2011, entitled “The New World of Social Media: Business and Legal Risks,” Chad Jackson, director of risk management at FedEx, Rennie Mazzi, managing director at Marsh and attorneys Melissa Krasnow of Dorsey & Whitney and Tamara Russell of Barran Liebman, helped educate attendees about those risks.

According to Russell, social media risk is difficult to quantify because employment and labor law have yet to catch up to the reality of its application. One of the more interesting areas of concern that she brought up is the seemingly innocuous practice of Googling a prospective employee—a practice that is actually anything but innocuous since it could run afoul of discrimination laws. Employers could be liable because Googling an applicant is the equivalent of “asking” questions you wouldn’t (and shouldn’t) ask in an interview. Russell’s recommendation is to make sure what you are looking for is pertinent to that person’s employment. “Don’t go overboard and be prepared to backup why you searched,” she said.

Social media policies are one solution but in many cases existing communications policies may already cover some of these areas. Krasnow pointed out that it’s not enough to simply have a policy–you have to be able to implement and enforce it.

Jackson, an admitted social media neophyte, suggested that you don’t have to be an expert to take advantage of what social media has to offer. Risk managers need to come up with a philosophy that fits their business, establish consistent guidelines for the use of social media from both a company and employee standpoint and consider using risk management tools like online activity tracking software to help monitor social media outlets for information relevant to the organization.

Social media can seem like a chaotic mess, but it can’t be avoided. The key, as summed up by Mazzi, is finding a way within your company to “enable the chaos.”

For a more in-depth look at social media risk, check out the multi-part cover story in the October 2010 issue of Risk Management.

The discussion began with a presentation on the state of the commercial P&C market by David Bradford, executive vice president of Advisen. Bradford indicated that despite the first quarter’s massive catastrophe losses, the soft market would likely remain throughout 2011. The catastrophes simply haven’t yet absorbed enough capacity to affect a substantial market change. Of course, with hurricane season fast approaching things could change very quickly if a major catastrophe were to hit the United States.

From there the discussion touched on a wide range of topics, including innovation, ethics, diversity, attracting young professionals, regulatory changes, commissions, M&A activity, the impact of social media, the importance of relationships, and the overall need for risk managers to be prepared for the unexpected.