Risk managers need to be able to deal with “both the known unknowns and those unknown unknowns”, according to Jaime Caruana, general manager of the Bank for International Settlements (BIS), who discussed the issue at the Symposium of the Reserve Bank of Australia earlier this month. That’s all very well, but what does that mean in terms of technology? How can firms realistically adapt their risk modelling techniques and risk management systems to cope with anything the market throws at them?

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