Political risk is an idea many actors very often use. But what does political risk mean? What does political risk address? With the video below, we explain what is political risk. Meanwhile, we experiment with a new medium. We also test an approach through brief explanations of fundamental concepts and ideas. Let us know what […]
Scenario building, also known as scenario analysis, is a crucial methodology to anticipate and prepare for the future. This is a method used from risk management to strategic foresight through all anticipatory methodology. The higher the uncertainty, the more important it is to be able to mitigate risks to develop winning responses. However, it is […]
Risk management is codified by the International Organization for Standardization (ISO). It is aimed at any organisation concerned with risk, be it public or private (Sandrine Tranchard, “The new ISO 31000 keeps risk management simple“, ISO News, 15 Feb 2018). Its forebear is actuarial science, i.e. methodologies to assess risk in insurance and finance (e.g. […]
Strategic Foresight and Warning (SF&W) is at once process and analysis. By SF&W analysis we mean all methodologies and related issues allowing for the development of an understanding grounded in reality that will generate best anticipatory products, useful to decision-makers and policy-makers for carrying out their mission (to find your way within the myriad of labels […]
Strategic foresight and warning or more broadly anticipation is a step by step process to anticipate the future in an actionable way. The graphic ideal type process displayed below is the result of more than a decade of work with and about systems of anticipation, from early warning systems to prevent conflicts for aid agencies to […]
This article defines and briefly explains the various names and labels given to activities and practices anticipating or foreseeing the future. Indeed, from risk management to Strategic Foresight and Warning (SF&W) the field of anticipation includes many perspectives and practices centred on different themes. Meanwhile, various actors use different names for SF&W, or very similar approaches. It is thus important to clarify what various labels and names mean, even if borders between categories are often fuzzy.
Since Nassim Nicholas Taleb published his bestseller The Black Swan: the impact of the highly improbable back in 2007, “Black Swans” and “Black Swans events” have become part of everyday language.
They are used as a catchphrase to mean two different things. First, as was the case in the Brookings interesting interactive “briefing book” Big Bets and Black Swans: Foreign Policy Challenges for President Obama’s Second Term, “black swans” represent high impact, low probability events, what is also known as wild cards.[i]
Second, “black swans” refer to events that could absolutely not be predicted, as, for example for the Economist in ”The prediction games: Our winners and losers from last year’s edition”. Unfortunately, in this case, the label “black swans” excuses foresight errors. It tends to stop explanations and evaluation. Similarly, some will make statements along the line of “oh, but there is no point to do any foresight (or futures work or forecast), did you not read Taleb’s Black Swan? One cannot predict or foresee anything.”
This is a rather bold statement, especially when one seeks to anticipate uncertainty and to foresee and warn. We thus need to explore the unpredictability claim further.
An issue, in terms of warning and by extension SF&W, is “a situation, an objective, an opportunity, a danger, a threat or a risk, which is specific and defined.” (Grabo, 2004) For example, SF&W issues can be interstate and civil wars, fragile states, instability, energy security, oil, economic crisis, new opposition nexus, global water security, epidemics, […]