If nothing else the Covid-19 pandemic should make more people aware of the distinction between risk and uncertainty or the difference between events whose occurrence can be predicted and measured (risk) and those that can’t (uncertainty).

It also illustrates the shortcomings of risk management within wealth management as well as wider contexts.

By definition risk management can only attempt to deal with identifiable events. It cannot attempt to deal with events and phenomena whose existence and consequences are completely unknown at the time at which risk management structures and policies are being put in place.