Management of Extreme Events in Corporate World

Pascal vander Straeten

Chapter Chapter 5 in HRO Strategies for Resilient Risk Management in Banking, 2026, pp 113-141 from Palgrave Macmillan

Abstract: 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’.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-032-11968-1_5

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DOI: 10.1007/978-3-032-11968-1_5

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