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{{a|devil|[[File:Pripyat.jpg|450px|thumb|center|A complex system that didnt work out so well, yesterday.]] <br> | {{a|devil|[[File:Pripyat.jpg|450px|thumb|center|A complex system that didnt work out so well, yesterday.]] <br> | ||
{{subtable|{{complex capsule}}}}}} | {{subtable|{{complex capsule}}}}}} | ||
:''Everybody has a plan until they get punched in the mouth.'' | :''Everybody has a plan until they get punched in the mouth.'' | ||
::—Mike Tyson | ::—Mike Tyson | ||
===You can’t ''eliminate'' the risk, so focus on ''managing'' it=== | |||
A traditional risk manager — that is, one managing [[complicated system]]s and not [[complex system|complex]] ones<ref>Open question — a ''gaping'' open question, like when your goalie has come up for a corner — is ''why'' a traditional risk manager is managing what is undoubtedly a [[wicked environment]] using tools suitable for a [[tame environment|tame]] one. But it was ever thus: [[Black-Scholes option pricing model]], which is predicated on a normal distribution, can’t work with The [[Black swan|tail events]] and whose failure in those circumstances led directly to both the [[LTCM]] collapse and the [[Great Financial Crisis]], is still widely used today, after all.</ref> — will be conditioned to using control techniques to anticipate and eliminate all risk. | A traditional risk manager — that is, one managing [[complicated system]]s and not [[complex system|complex]] ones<ref>Open question — a ''gaping'' open question, like when your goalie has come up for a corner — is ''why'' a traditional risk manager is managing what is undoubtedly a [[wicked environment]] using tools suitable for a [[tame environment|tame]] one. But it was ever thus: [[Black-Scholes option pricing model]], which is predicated on a normal distribution, can’t work with The [[Black swan|tail events]] and whose failure in those circumstances led directly to both the [[LTCM]] collapse and the [[Great Financial Crisis]], is still widely used today, after all.</ref> — will be conditioned to using control techniques to anticipate and eliminate all risk. | ||