The Long Run Institute

On 24 September, The Long Run Institute and BMO Financial Group hosted a conference on "Managing Extreme Risk and Uncertainty in a Post-Pandemic World," co-chaired by Patrick Cronin Chief Risk Officer at BMO and Historian Dr. Laurence B. Mussio. In a fast-moving set of conversations over half a day, we covered a remarkably interesting and relevant set of themes in risk, connecting our long-run experience to key contemporary challenges. We began the dialogues with the brilliant historian and author of "Doom - The Politics of Catastrophe" Niall Ferguson and our two co-chairs on uncertainty vs. risk, preparedness for crises, "hyperconnection contagion machines," Cold War II, climate change and the need to integrate long-run historical thinking our strategic decision-making. In the second half of the conference, our second keynote, Carol Ann Northcott, Chief Risk Officer of the Bank of Canada provided a perfect complement to Niall from the central bank/practitioner perspective, delivering clear and compelling analysis of the shifts in the landscape and how risk management decisions need to respond. Our panels were carefully chosen to represent different angles of vision on the transformation of risk, and they delivered. Panel One under the superb moderation of The Globe and Mail Editor in Chief David Walmsley continued the discussion about risk in the era of "the polycrisis" and got down to some really interesting insights by Varo Bank's brilliant Caryl Athanasiu, former CRO at the European Stability Mechanism and global thought leader on risk Dr. Cosimo Pacciani and Superforecaster Dr. Warren Hatch, CEO of Good Judgment Inc. Panel Two focused in on "The Technological Turn: Artificial Intelligence and Human Judgement in Risk Decision-Making." Moderator LRI Chair Dr. Laurence B. Mussio was joined by Bruce Choy, PhD of the Global Risk Institute, Tim Hogarth of ANZ and James Bradshaw, Banking Reporter with The Globe and Mail. The combination of historical, philosophical, practical and operational perspectives on how AI is changing the decision-making environment, and what challenges and opportunities it poses, constituted a fascinating discussion that we intend to continue in the future. The challenge in the Age of Webinars is to keep the conversation interesting, dynamic and engaged, and judging from the incredibly strong audience response, the Conference managed to offer a lot of useful insights. Our attendance numbers have not been finalised, but it was in the many hundreds! Thank you to our audience for your participation. We are working on posting the video and a long-form synopsis of the event -- look for them at www.longruninstitute.com. A big thank you to our keynotes, moderators and individual panelists, each of whom were in splendid top form - every single one. Thank you also to the LRI staff, our partners at BMO Financial Group and Tracy Carlson, CMP for the technical perfection of the online delivery. #riskmanagement #historymatters

📢 Boom, Bust and the Echo of History: Lessons from Financial Cycles🌍 What can history teach us about today’s financial landscape? In the latest episode of the popular BMO Capital Markets podcast two senior business and economic historians, Dr. Laurence B. Mussio, Chair of the Long Run Institute (LRI), and Professor John Turner come together to explore the powerful lessons of financial cycles. As co-author of the award-winning Boom and Bust: A Global History of Financial Bubbles, Professor Turner joins Dr. Mussio to examine: - The echoes of past booms and busts in today’s markets - The transformative potential of AI and general-purpose technologies - The impact of globalized finance on shaping future economic cycles 🎙️ Listen to this fascinating discussion and discover how understanding the past can prepare us for the financial challenges ahead: https://lnkd.in/gHBNg_eh #BoomBust #FinancialHistory #AIinFinance #LongRunInstitute #GlobalEconomy #MarketsPlus #Innovation #FutureOfFinance