Transition of risk into uncertainty under conditions of global crisis

Financial globalization and global crisis enforced structural changes in world economy, reflecting them to the concept of risk and uncertainty. This paper gives theoretical, historical and economical overview of risk uncertainty, financial disruption and global crisis relations. Also it deals with a detailed individual risks typology, as well as with conditions for risk transition into uncertainty. When financial disruptions turn into global economic crisis, risks are turning into uncertainty disabling economy to progress. Having in mind that all risk management models were made in a non crisis period, it is of great importance to manage risks in time of crisis because some model assumptions might have changed. Finally, this paper points out that the replacement of existing models and state interventions are necessary in order to transfer uncertainty into risk and enable further development of economy