Real World Risk Institute, LLC
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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:
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. As of 2021, we have had close to 1000 attendees, more than 30 repeats (one person came back 5 times); a eclectic composition: about 25 medical doctors, 20 military persons, 5 professional hackers, 20 policy makers, numerous venture capitalists/entrepreneurs, traders, psychologists, bankers, small business owners, social workers, university professors, etc. We have also granted more than 300 scholarships and financial assistance.
Check #RWRI on Twitter.
The idea is
also to revolutionize education by making it closer
to the practitioner model. No academic without real
word background should teach a subject that has real
world implications. In November 2017, after 2 years
and six sessions, we decided to hire instructors
from past attendees who have real world experience
in the work they are teaching.
The current team includes:
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
Usually at least 4 instructors (up to 8) participate in each session, interacting with one another and the participants.
(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.
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.
Frey Family Chair Professor (the same Frey as before) in the applied mathematics department at Stony Brook; he has two decades experience as a quant and founder of a risk software firm.
Program Coordinator: Alicia Bentham-Williams
*Risk taking not risk management
NEXT 10-DAY INTENSE ONLINE WORKSHOP (First online)
Number 16: November 1-12, 2021, 8:30-12 Eastern Standard Time (13:30- 6 CET) plus optional afternoon discussions.
Pricing: $2,995 (Scholarships/financial aid available for 25-50% of the class). Note that we accept cryptocurrencies (with preference for stable ones)!
Contact: Alicia Bentham-Williams, firstname.lastname@example.org, cc:email@example.com
Note: Discussions include minimal equations, but a lot of concepts, graphs, and pictures
[Note that it is not so much lecture classroom style: in addition to the lecturer, we have usually at least 2 other instructors present and commenting at the same time, to have a conversation]
Who is this mini-certificate for? -Data scientists, 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.