How to Measure Risk at the Daye to Day Level

Most risk management techniques are ideally suited for managing systemic risk. But this does not translate into managing the riskof very serious crises, like we saw in two thousand and eight. We have measured day to day risk by creating a mathematical description of all possible outcome. And that gives you the ability to say, ah, now i can measure a risk over ten years, or 50 years, or a decade or a millennia. You get a number, but it's a number accurate? I don't think so.