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Risk is a Process not an Event

In risk management there is an old adage that complex systems fail in complex ways. Yet, many risk management approaches deal with risk as if it were a discrete, time-defined event, rather than a dynamic process that is highly volatile. Certain types of risk are acute in nature, but all risk lives along a continuum that is shaped by time and is compounded by action (or inaction). Nassim Taleb in his books Black Swan and Antifragile popularized the notion that fat-tailed (or leptokurtic) events are not as rare as once thought, calling for new frameworks for coping with their likelihood and, critically, surviving them altogether.

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