Once upon a time, there were three little pigs who set out to build homes of their own. Each pig was full of hope but none of them really understood the risks ahead.
The first pig, who we’ll call Straw, thought, I just need a place to live, right? How hard could it be? So, he built his house out of straw—fast and flimsy. “Good enough!” he declared, before spending the rest of his days singing, dancing, and blissfully ignoring the dangers lurking beyond the horizon.
The second pig, Sticks, thought himself slightly more responsible. “I’ll do better than Straw,” he said, but only just. He threw together a house made of sticks. It took a little more effort, but still, Sticks didn’t take the time to understand the real risks of his environment. He built quickly so he could join Straw in the field, singing, dancing, and laughing the day away.
Now, the third pig, Brick, wasn’t much different in the beginning. Surely, sticks or straw would do the job, he thought at first. So, he tried to build his own house out of whatever came easiest. But something strange happened along the way: Brick’s first house sank into the swamp. Then his second house, which he hastily built again, sank too. His third house, which he thought was finally good enough, burned down, fell over, and sank into the swamp.
Brick sighed, sat down, and began to think. Why do my houses keep failing? he wondered. Maybe I need to understand the risks before I start building.
That was when it clicked. Brick realized that he hadn’t considered the challenges around him—he hadn’t prepared for the swamps, the wind, or the possibility of the big bad wolf.
His brothers continued to play, not learning from their mistakes, but Brick learned from his. Slowly, methodically, he built his final house out of bricks and stone, taking into account everything that could go wrong. It took time, and it certainly wasn’t easy, but Brick was determined to get it right this time. He learned from his own failures and observed the shortcomings of his brothers.
One day, when the big bad wolf finally showed up, it was Straw’s house he came to first. “Little pig, little pig, let me in!” the wolf growled.
Straw, unprepared, cried out, “Not by the hair of my chinny chin chin!”
So the wolf huffed, and he puffed, and—“Inconceivable!”—the straw house collapsed immediately.
Straw ran to Sticks’ house for help. Together, they hid, but the wolf was relentless. “Little pigs, little pigs, let me in!”
The two pigs trembled, “Not by the hair of our chinny chin chins!”
The wolf huffed, and he puffed, and—“Inconceivable!”—the stick house crumbled like dry twigs.
Straw and Sticks ran to Brick’s solid house, panic in their eyes. “We’ll never survive!” they cried.
But Brick, who had learned from his earlier failures, wasn’t worried. He knew his house was built on lessons learned, solid planning, and an understanding of all the risks. “Nonsense,” Brick said calmly. “You’re only saying that because no one ever has.”
The wolf arrived at Brick’s house, frustrated by his earlier successes. He huffed, and he puffed, and—nothing. He tried again, “Inconceivable!”, but the house didn’t budge.
Brick looked out from his window and, with a small smile, said, “You keep using that word. I do not think it means what you think it means.”
The house stood firm, just as Brick had planned. His success wasn’t due to luck or shortcuts, but because he took the time to learn from his mistakes and understand the risks involved. He didn’t just build a stronger house—he built a better approach to life.
As he gathered his children around, Brick explained, “When I first came here, this land was nothing but swamp. I tried to build quickly, like your uncles, but my houses sank and crumbled. But each time I failed, I learned something new. The fourth house, the one you’re living in now, is strong because I didn’t ignore the risks. I embraced them, learned from my mistakes, and built something that could last.”
Brick’s children nodded, understanding now that taking the time to assess risks—learning from failures both big and small—was what made their home the strongest in all of England.
“And remember,” Brick concluded, “when you’re building anything important, whether it’s a house or a compliance program, never rush into it without first understanding the risks. Learn from your mistakes—and those of others—and you’ll build something that will stand the test of time.”
Disclaimer:
This blog post is intended for informational purposes only and does not constitute legal, accounting, or professional services advice. Our team of professionals with expertise in AML/CFT and Sanctions compliance uses AI tools like ChatGPT to support our writing process in different ways. Sometimes, AI is used to improve upon a draft we've written, while other times, it's employed to synthesize and combine information from reputable sources, such as FinCEN, FFIEC, CFPB, FATF, and state regulatory bodies, around a concept or idea. In both cases, the final content is shaped and validated by professionals to ensure accuracy, clarity, and alignment with compliance standards. However, since each institution's compliance needs are unique, we recommend seeking advice from qualified experts in legal, accounting, or compliance consulting. The effectiveness of the strategies and practices discussed depends on your institution's specific risk profile and tolerance, so customization is advised.
Comments