“How does a seemingly impossible event become a harsh or startling reality? In business, its occurrence may not be as random, infrequent or unpredictable as one might be led to believe.
At the 2015 MetricStream GRC Summit in Washington, D.C., Nassim Nicholas Taleb, best-selling author of The Black Swan and Antifragile, discussed this concept in great detail. According to Taleb, Black Swans are events with very low probability of occurrence, yet come with extreme and often catastrophic impact when they do happen.
In the risk management and compliance space, Taleb argued that our corporations, industries, and economies have become very fragile – a breeding ground for a Black Swan event to occur and to have devastating and lasting impact.”
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