Risk Culture

Some form of Informal Risk Management has been practiced by individuals since time immemorial as it is essential for survival, both at the individual and group level. This is the domain of intuitive decision-making, assessing situations on the spot and taking immediate action to avoid obvious risks. It is also the domain of folk wisdom, traditional knowledge and insights passed down orally through generations, expressed in proverbs, stories, and cultural practices (think e.g., Don’t put all your eggs in one basket or, There is never only one cockroach and the long list of Risk Management One-Liners ). This know-how reflects the collective experiences and beliefs of communities, providing guidance on how to successfully handle adverse scenarios.

The Atlas was discovered recently in archaeological work studying pre-crisis civilizations. Despite the obvious wear and tear, all key risk failure areas have been preserved. We note the remarkable diversity of organizational forms and economic structures. Most interestingly, there is even an uncharted territory that was rumored to be inhabited by black swans.