Page 99 - IRMSA Risk Report 2020

R OBERT K OCH

6.5
NA VIGATING C OMPLEXIT Y : THE FR ONTIER OF RISK
M ANA GEMENT
SONJA BLIGNA UT AND R OBERT K OCH

In the last decade, complexity has gone from an obscure science to a main-stream topic. The acronym VUCA (Volatile,
Uncertain, Complex and Ambiguous), whilst used since the 1980’s by the armed forces, now describes the lived experience
of decision-makers in virtually all industries and societal spheres. The reason is that we live in an increasingly connected
world, with many of those connections in near real-time; and the more connected the world becomes, the more complex
it becomes.

SONJA BLIGNA UT