Fall 2012 issue of Horizons

the top of some companies was such that taking extraordinary risk was encouraged because of the immense short-term rewards they received. The tone at the top, described as simply greed and arrogance, was supported by failures of some boards and audit committees to press management about the risks being taken and processes to manage them. Of course, some auditors also failed to understand the risks associated with the companies they audited. Call it a significant breakdown in the systems supporting our capital markets which evolved over time and culminated in a series of extraordinary business failures. While the solutions implemented at the time to restore confidence in the accounting profession and capital markets were severe, the most important result was improvement in the tone at the top of certain organizations and the management of risk. This crisis was a very expensive and painful lesson learned for some. My experience with this crisis certainly caused me to be grateful that RubinBrown has been true to its core values for our entire

60-year history. While they were not written nor painted on the walls when I joined the firm in 1973, they were nonetheless quite evident in the behavior that our firm leaders exhibited. Since then, we have institutionalized these values, and they serve as the guiding light in our decision making.

There is no doubt that managing risks while taking risks is a key success factor for any organization. Once again looking back, I believe managing risks by being true to our core values significantly

increased our probability of success.

Be assured as we look to the future, we will continue to be guided by the core values that have defined the RubinBrown culture for 60 years.

Thanks for your confidence in us.

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Competence

Devotion to our

Innovation & Continuous Improvement

Vision

Having Fun

Community & Profession

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