The toughest business continuity job in the industry
Business continuity plans have been in the spotlight on Wall Street ever since Sandy blew through town. But if any firms in the U.S. think they have it tough, they should check out what Rabee Securities endures on a daily basis.
Bloomberg Markets reports on this mostly interest Iraq-based brokerage, which handles agency trades for foreign firms that want access to the Iraqi Stock Exchange. Not too long ago, as the owner was about to board a plane, he got a call from the office.
"The manager was on the line to report that a car bomb had exploded next door at the government anti-corruption agency…Fortunately, the last trading day of the year had been two days earlier, so none of Rabee's 16 employees were in the office. The owner then tapped out an e-mail to Rabee's clients that said in part: 'All client information is safe in multiple locations inside and outside Iraq. Praying for a peaceful New Year,'" BM reported.
The owner, Shwan Taha seems resigned to his massive continuity challenges. He told the magazine that, "I've always told people the major risk of running Rabee is, one day it may blow up, not Lehman style but physically. What can you do?"
Despite the existential threats, the firm is thriving, as the economy and the market have picked up since bottoming out in 2003.
- here's the interesting profile
Sandy is business continuity wake-up call