Real World Risk Institute, LLC
HOW TO MAKE DECISIONS UNDER UNCERTAINTYLearn More
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 2019, we have had 500 attendees, more than 20 repeats (one person came back 5 times); a electic composition: about 20 medical doctors, 10 military persons, 3 professional hackers, 11 policy makers, numerous venture capitalists/entrepreneurs, traders, psychologists, bankers, small business owners, social workers, university professors, etc. We have also granted more than 200 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:
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:
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.
COMPLIANCE/FRAUD: Tom Messina, former attendee, currently compliance officer at a bank.
INSURANCE: Reinsurance practitioners with P/L (not quants/modelers).
COMPLEXITY: Joe Norman, former attendee and complex system modeler.
COMPUTATIONAL COMPLEXITY: Trishank Karthik Kuppusamy, computer scientist and past attendee.
OTHER RISKS: Various practitioners. Only practitioners, of course.
Program Coordinator: Alicia Bentham-Williams
*Risk taking not risk management
NEXT 10-DAY INTENSE ONLINE WORKSHOP (First online)
Number 15: January 11-22 2021, 8:30-12 Eastern Standard Time (13:30- 6 CET) plus optional afternoon discussions
Pricing: $2,995 (Scholarships available for 25-40% of the class). Note that we accept bitcoins!
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.