Ergodicity: Managing risk under uncertainty
Ergodicity changed how I thought about legal risk. This session will help you understand how using ergodicity concepts can help you make better decisions under uncertainty and put you and your company in a better position to succeed. I’ll explain how using ergodicity can help you anticipate and manage legal risks while also helping you strengthen your long-term decision-making. By the end of the session, you’ll hopefully have a better understanding of what risks to avoid, what risks to insure, and what risks to accept. This will help you and your organisation move toward being robust or even antifragile.
We will touch on how ergodicity can affect various subjects, including:
- climate change and its impact;
- anticipating and managing regulatory risk;
- negotiating contracts; and
- preparing and managing litigation.
About Patrick Wilson
Patrick is a senior lawyer and risk specialist. He completed the Real World Risk Institute's mini-certificate in Real World Risk in 2022. Patrick works for The Co-operative Bank as the Bank’s Compliance Officer.