In Wednesday's Plenary Session, Dr. Paul Embrechts discussed the nature of risk and uncertainty, and concentrated specifically on some aspects of quantitative risk management related to the modeling of extremes, and on the model and parameter risk underlying current issues occupying the world of insurance.  In Friday's parallel session, Dr. Embrechts will elaborate on several of his key points in a format that will allow for the audience to reflect on the Plenary address and to participate in a conversation with Dr. Embrechts.