There are no Black Swans in Risk Management
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With apologies to Nicholas Taleb, there are no Black Swans (The Black Swan: The Impact of the Highly Improbable) in risk management. Just to start the discussion on a level view - The theory of black swan events is a metaphor for a surprising extreme event relative to one’s knowledge/ beliefs, and can be of different types: a) unknown unknowns and b) unknown knowns (we do not have the knowledge but others do). Some people add events that are judged to have a negligible likelihood of occurrence and thus are not believed to occur.