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Introducing the Risk Hurricane
This book presents an extended analogy, holding two dissimilar things in parallel so that similarities and differences can provide new insights. Starting from the meteorological phenomenon of the hurricane, we’ll explore key characteristics of extreme risk exposure in business, explaining how it arises, how it can be predicted, how its effects can be mitigated or managed, and how an organization can recover after an extreme risk event.
This chapter sets the scene with some definitions and context for what follows.
THE HURRICANE AS ANALOGY
In 1805 Commander Francis Beaufort of the British Royal Navy developed a scale to describe the range of wind conditions that might be encountered by shipping. The Beaufort ...
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