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Management of Extreme Events in Corporate World

In: HRO Strategies for Resilient Risk Management in Banking

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  • Pascal vander Straeten

Abstract

This chapter aims to present a comprehensive overview of the general theoretical frameworks on how organizations confront the decision-making process and manage extreme events. It delves into the strategies employed by disruption-prone companies to tackle these challenges. The study dives into a range of non-quantitative techniques for the risk management of extreme events in organizations vulnerable to disruptions, amongst which are the principles of high-reliability organizations and the notion of resilience engineering. Research shows that these two techniques notably enhance the resilience and reliability of organizations in the face of extreme events. Two management theories stand out that could be transposed to the banking realm, and this is due to the nature of extreme events in banking, which is closely linked to the concept of uncertainty, Nassim Taleb’s ‘Black Swan Theory’, and Didier Sornette’s ‘Dragon King Theory’.

Suggested Citation

  • Pascal vander Straeten, 2026. "Management of Extreme Events in Corporate World," Palgrave Macmillan Studies in Banking and Financial Institutions, in: HRO Strategies for Resilient Risk Management in Banking, chapter 0, pages 113-141, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-032-11968-1_5
    DOI: 10.1007/978-3-032-11968-1_5
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