Breakthrough Best Practices for Managing Extreme Risks–Both Natural and Man-Made 

• How to prepare for risks ranging from financial crises and climate change to pandemics and terrorism

• Indispensable information for leaders and strategists in business, the public sector, and nonprofit organizations alike

• Draws on leading-edge research from The Wharton School and top risk management experts worldwide 

Hurricanes. Earthquakes. Pandemics. Global economic crises. Terrorism. Whether natural or man-made, massive catastrophes happen far more often than decision-makers once imagined. Organizations must prepare for these events–but how?

In Learning from Catastrophes, the world’s leading experts in extreme risk management present innovative approaches to mitigation, preparedness, and response. They show how to dramatically improve forecasting and communication about high-consequence risks, use economic incentives to improve resilience and sustainability, and proactively implement operational steps for rapid, effective response to disaster.

In today’s increasingly unstable, uncertain world, preparing for extreme risk has never been more urgent. Whether you’re a leader in the private, public, or nonprofit sector, this book presents the principles and strategies you’ll need.

Amazon.com® Reader Reviews (Ranked by Helpfulness)

Average Amazon.com® Rating:  Based on 2 Ratings

Low Probability for Success of This Book - 2010-01-07
Reviewer Rating:
Apparently authors Michael Useem and Howard Kunreuther are an era behind in their risk-based model thinking. Nassim Nicholas Taleb (in his book Black Swan) illustrates all the reasons why probabilistic models fail in the real world. Not to say that all of Taleb's theories are error-free, but that line of thinking is the new science. Of course we can reduce risk if we know what's going to happen, that's why a posteriori analysis always looks good. The whole reason a catastrophe is a catastrophe is because they are unexpected. All you do by collecting more data to produce better models is limit your inference space so that catastrophes will appear from other places "you didn't expect".

There's also discussion in the book about how "experts" need to phrase their analyses in language accessible to the public so the public can make informed decisions about risk. If these "experts" cannot even predict what will happen two weeks from now (or that the financial collapse of 2008 was impending), how could they help make any informed decisions about risk?

Learned report on risk assessment and strategic planning for catastrophes - 2010-06-14
Reviewer Rating:
In terms of insurance payouts, two-thirds of the 25 most expensive disasters in the last 40 years have taken place since 2001. As the global climate changes and more people move to overbuilt and hence more vulnerable cities, the pace of cataclysmic "extreme events" is liable to increase. From the costs related to Iceland's volcano to the impact of the catastrophic oil spill in the Gulf of Mexico, far too many organizations already face extreme problems. Authors and editors Howard Kunreuther and Michael Useem, both Wharton School professors, join 20 other experts to examine risk assessment and management. Although their book is made up of scholarly essays, getAbstract finds it pertinent and useful. Leaders can apply the directives in this intelligent, informative, thought-provoking volume to develop strategic planning for major catastrophes.

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