This document discusses risk management and how to turn risk into opportunity in Greece. It suggests that all stakeholders, including international communities, governments, institutions, enterprises, communities, NGOs and people need to cooperate to manage risk. It recommends increasing resilience and risk knowledge, adopting prudent individual and enterprise risk behaviors, and having adequate government policies to help manage risks and crises on both idiosyncratic and systemic levels. International partners should also be more flexible in helping during major crises. Better insurance, pension programs, disaster funds, and global financial tools could also help countries cope with risk and turn it into opportunity.

1. Risk Management Final
thoughts and adoption

2.  Manage macroeconomic Risk is
difficult
 Despite Systemic Risk(Financial
crisis) ends in as idiosyncratic
one(unemployment).
 So all the stakeholders need to be
cooperated to manage
risk(international communities,
government's, institutions, enterprises,
communities, NGO and people)

3. How to make Risk loss as
Opportunity in Greece ?
KNOWLEDGE
Be less risk averse as a nation by enhancing resilience as a message for
any action
Use information about risk meaning and the understanding of nature,
impact and possibility of risks
Use proven knowledge of other countries friendly to risk
As individuals, business, groups etc must accept thar risk is part of our
life

4. PROTECTION
 Attain actions at idiosyncratic level (spend less, save more) , adopt the
moral hazard as a meaning. Use technologies (weather prevention
hazards)
 The same risk culture must be adopted by the enterprises and the
financial sector.
 The state with adequate preventive policies must help people to
manage risks, mitigate systemic risks and achieve macroeconomic
stability
 The international partners should be more proactive and flexible on big
crisis like financial, humanitarian, and environmental ones

5. INSURANCE
some thoughts
 An index insurance could be used also for the protection of the Greek
farmers. On the contrary Insurers must be less selective when
financing developing projects
 Defined contribution pension schemes ( 3 pillars) such as those in
Western Europe could alleviate the ageing population issue but also
release resources for the State to do much better sustainable policy.
 Why not follow the Chile’s accumulating program on funding crisis
episodes instead of tied fiscal policies? Why not building at last a
National Disaster Fund for earthquake issues rather than asking money
from the EU?
 The international institutions must help small countries when risks
exhaust their borders-as that happened now in Greek financial crisis,
and the refugee problem- without tied guarantees. Global financial
tools are needed.

6. COPING
 For my country Greece still coping the financial
crisis ,capital controls and its consequences is a
very expensive and painful reality since the
previous Risk Management steps never took
place!