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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