In this talk Professor Terje Aven (University of Stavanger and President, Society for Risk Analysis) addressed challenges in risk management and governance. Examples include how to adequately characterize risk, meet potential surprises and the unforeseen (black swans), and balance different concerns. A special focus is placed on cautionary/precautionary (robust, resilient)-based thinking. The current call for a shift from risk to resilience is examined – what is its rationale? Can resilience management meaningfully be conducted without considerations of risk? Different types of management and governance frameworks are looked into, including economic theories and models. Examples are used to illustrate the discussion, for example national and global risk descriptions, and climate change related risk.