Fear of the unknown unknowns

We are all risk managers these days

Jonathan Stapleton
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As the US secretary of defense Donald Rumsfeld famously said at a conference in 2002, there are three types of information: the known knowns, the known unknowns and, finally, the unknown unknowns.

Even the list of know unknowns is impossibly big for schemes. There is uncertainty about future longevity increases, about whether future investment returns will go up or down, and the outlook for ...

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