In the past two years, the world has experienced how unsound
economic practices can disrupt global economic and social order.
Today's volatile global financial situation highlights the
importance of managing risk and the consequences of poor decision
making.
"The Doom Loop in the Financial Sector "reveals an underlying
paradox of risk management: the better we become at assessing
risks, the more we feel comfortable taking them. Using the current
financial crisis as a case study, renowned risk expert William
Leiss engages with the new concept of "black hole risk" -- risk so
great that estimating the potential downsides is impossible. His
risk-centred analysis of the lead-up to the crisis reveals the
practices that brought it about and how it became common practice
to use limited risk assessments as a justification to gamble huge
sums of money on unsound economic policies.
In order to limit future catastrophes, Leiss recommends
international cooperation to manage black hole risks. He believes
that, failing this, humanity could be susceptible to a dangerous
nexus of global disasters that would threaten human civilization as
we know it.
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