40 North Country Road
Port Jefferson, NY 11777
On Friday October 2, 2015, a few like-minded people got together in the New York area to form the Real World Risk Institute, LLC; the mission statement summarized by “real world” can be expressed more directly as:
Understand model error before you use a model
To talk the talk you also need to walk the walk
How to do risk analysis without the nonsense
When and if we model, we go from reality to models not from models to reality
Take risks you understand, don’t try to understand risks you are taking
Risk education should not aim at impressing a regulator but developing real-life competence
Summary: We are about risk taking (front office) not just something called "risk management" (back office), which should never be separated from decision-making. Some academo-bureaucrats with something to prove have an incentive to make things look complicated, while real world risk takers with skin in the game do not have such insecurity; they are not ashamed of making those things that are simple simple! The real world require vastly more rigor than textbooks and it is a different type of rigor. Most of all risk requires maximal clarity of mind.
The current team includes:
They have advised heads of state, central banks, top institutions ( such as the IMF), U.S. government agencies, testified in front of U.S. Congress, etc... the whole shebang.
The first aim of the institute is to build the principles and methodology for what we call real-world rigor in decision making and codify a clear-cut way to approach risk.
The second aim is to provide executive education courses and issue two certificates:
1) A (mini)certificate of no-BS risk management, more politely called: Mini-Certificate in Real World Risk Management along the old apprenticeship model by which experienced professional teaches less-experienced professionals.
2) An advanced version of the certificate: Mini-Certificate in Real World Risk Analytics with more technical approaches. While we avoid math when we can we do not shy from using the math where needed but only where needed. We believe that it will be the first quantitative program embedded in the real world, seen from both risk-taking and risk-managing perspective.
MINI-CERTIFICATE IN REAL WORLD RISK*
*Risk taking not risk management
NEXT 1-WEEK INTENSE WORKSHOP ,
Number 4 FEBRUARY 6-10 2017
( New York City, 9 AM-5 PM )
Nassim Nicholas Taleb will deliver about 65% of the lectures and sign the certificate
2 day program (no mini-certificate), $2950*
5 day program (with mini-certificate), $7400*
(Early signup discount $2200 and $5900 respectively before January 5, 2017)
Includes breakfast and lunch.
Note: Discussions include no equations, but a lot of concepts and pictures
Contact: Alicia Bentham-Williams, firstname.lastname@example.org, email@example.com
The 2-day program is standalone; the 5-day program (with mini-certificate) adds 3 days of deeper and more complete coverage of the topics.
[Note that it is not so much lecture classroom style: in addition to the lecturer, we hve usually at least 2 other instructors present and commenting at the same time, to have a conversation]
Who is this mini-certificate for?
- Risk professionals and analysts interested in how what they know applies to the real word
- Professional risk takers (with some basic familiarity with technical language) willing to gain perspective and understand how to use the research without falling into model error
- Generally curious people with some risk experience wanting to understand fragility, antifragility and probability problems in an interactive environment.
Nassim Nicholas Taleb is a (former) option trader, now self-owned scholar who engages in a multidisciplinary no-nonsense approach to probability. He is known for his BS-busting, his intolerance for fake research and his multivolume Incerto (The Black Swan, Antifragile, and Fooled by Randomness). He has completed 600,000 option trades and now specializes in the mitigation of tail risk.
Robert J. Frey is an applied mathematician of the no-nonsense variety, hedge fund trader and former partner of Renaissance Technologies. Currently runs a fund of hedge funds and professor at Stony Brook.
Raphael Douady is the Frey Family Chair Professor (the same Frey as above) in the applied mathematics department at Stony Brook; he has two decades experience as a quant and founder of a risk software firm.
Instructors (15% of lecturing time):
CYBERRISKS: Patrick Amon focuses on information security. He is a mathematical physicist and among other places worked at CERN.
COMPLEXITY: Yaneer Bar-Yam from the New England Complex Systems Institute.
ENVIRONMENTAL RISKS: TBA
OTHER RISKS: TBA
Copyright 2015 Real World Risk Institute LLC. All rights reserved.
40 North Country Road
Port Jefferson, NY 11777