Investing always entails risk, and it must be managed. But risk is a multidimensional concept which makes it challenging to measure, and even more challenging to control. In this presentation, Megan Czasonis – co-author of  “Prediction Revisited: The Importance of Observation” and head of Portfolio Management Research at State Street Associates, discussed the benefits and limitations to a wide range of statistical risk measures, from conventional notions of volatility and value-at-risk to the more intricate measurement of losses that may occur for different time scales and path dependencies. Further extensions include risk attribution for multiple assets in a portfolio and conducting regime-specific stress tests.