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Living in a Stochastic World and Managing Complex Risks

Updated: Nov 16, 2022

In this paper, Prof. Dr. Michel Dacorogna and Prof. Dr. Marie Kratz review the concept of risk, its evolution in history and the big changes in its perceptionwe experienced in the last 50 years. They conclude that peak risks are growing and the needfor risk management is becoming a societal demand. Two phenomena, which make risksmore complex, are identi_ed: increasing interconnectedness of the world and faster timescale whereby actors have little time to adapt, while the solutions require much longer-termthinking. They conclude by showing the complementarity between qualitative and quantita-tive risk management and the need to rethink the relationship between optimization andresilience.

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