# RiskPO: Risk-based Policy Optimization via Verifiable Reward for LLM Post-Training

arXiv: https://arxiv.org/abs/2510.00911 · HTML: https://mlsanity.com/paper/2510.00911/

## Key facts

- Cited by 12 papers in the map (data through 14 Oct 2026).
- Placed in Reinforcement learning for reasoning, one of 17 directions in LLM reasoning.
- Builds on 42 of its 51 references that are in the map.
- First posted on arXiv 1 Oct 2025.

## Placed in

- LLM reasoning / [Reinforcement learning for reasoning](https://mlsanity.com/lr/reinforcement-learning-for-reasoning/)

## Builds on (most cited first, 30 of 42)

- [Proximal Policy Optimization Algorithms](https://mlsanity.com/paper/1707.06347/) (2017)
- [Training Verifiers to Solve Math Word Problems](https://mlsanity.com/paper/2110.14168/) (2021)
- [DeepSeekMath: Pushing the Limits of Mathematical Reasoning in Open Language Models](https://mlsanity.com/paper/2402.03300/) (2024)
- [DeepSeek-R1: Incentivizing Reasoning Capability in LLMs via Reinforcement Learning](https://mlsanity.com/paper/2501.12948/) (2025)
- [Qwen2.5-VL Technical Report](https://mlsanity.com/paper/2502.13923/) (2025)
- [Measuring Mathematical Problem Solving With the MATH Dataset](https://mlsanity.com/paper/2103.03874/) (2021)
- [Deep reinforcement learning from human preferences](https://mlsanity.com/paper/1706.03741/) (2017)
- [Let's Verify Step by Step](https://mlsanity.com/paper/2305.20050/) (2023)
- [DAPO: An Open-Source LLM Reinforcement Learning System at Scale](https://mlsanity.com/paper/2503.14476/) (2025)
- [Trust Region Policy Optimization](https://mlsanity.com/paper/1502.05477/) (2015)
- [LiveCodeBench: Holistic and Contamination Free Evaluation of Large Language Models for Code](https://mlsanity.com/paper/2403.07974/) (2024)
- [Solving Quantitative Reasoning Problems with Language Models](https://mlsanity.com/paper/2206.14858/) (2022)
- [Understanding R1-Zero-Like Training: A Critical Perspective](https://mlsanity.com/paper/2503.20783/) (2025)
- [OlympiadBench: A Challenging Benchmark for Promoting AGI with Olympiad-Level Bilingual Multimodal Scientific Problems](https://mlsanity.com/paper/2402.14008/) (2024)
- [Qwen2.5-Math Technical Report: Toward Mathematical Expert Model via Self-Improvement](https://mlsanity.com/paper/2409.12122/) (2024)
- [Does Reinforcement Learning Really Incentivize Reasoning Capacity in LLMs Beyond the Base Model?](https://mlsanity.com/paper/2504.13837/) (2025)
- [Group Sequence Policy Optimization](https://mlsanity.com/paper/2507.18071/) (2025)
- [Beyond the 80/20 Rule: High-Entropy Minority Tokens Drive Effective Reinforcement Learning for LLM Reasoning](https://mlsanity.com/paper/2506.01939/) (2025)
- [Self-Play Fine-Tuning Converts Weak Language Models to Strong Language Models](https://mlsanity.com/paper/2401.01335/) (2024)
- [The Entropy Mechanism of Reinforcement Learning for Reasoning Language Models](https://mlsanity.com/paper/2505.22617/) (2025)
- [Distributional Reinforcement Learning with Quantile Regression](https://mlsanity.com/paper/1710.10044/) (2017)
- [Inter-GPS: Interpretable Geometry Problem Solving with Formal Language and Symbolic Reasoning](https://mlsanity.com/paper/2105.04165/) (2021)
- [Implicit Quantile Networks for Distributional Reinforcement Learning](https://mlsanity.com/paper/1806.06923/) (2018)
- [Absolute Zero: Reinforced Self-play Reasoning with Zero Data](https://mlsanity.com/paper/2505.03335/) (2025)
- [Risk-Constrained Reinforcement Learning with Percentile Risk Criteria](https://mlsanity.com/paper/1512.01629/) (2015)
- [Deep symbolic regression: Recovering mathematical expressions from data via risk-seeking policy gradients](https://mlsanity.com/paper/1912.04871/) (2019)
- [VAPO: Efficient and Reliable Reinforcement Learning for Advanced Reasoning Tasks](https://mlsanity.com/paper/2504.05118/) (2025)
- [Reasoning with Exploration: An Entropy Perspective](https://mlsanity.com/paper/2506.14758/) (2025)
- [R-Zero: Self-Evolving Reasoning LLM from Zero Data](https://mlsanity.com/paper/2508.05004/) (2025)
- [ProRL: Prolonged Reinforcement Learning Expands Reasoning Boundaries in Large Language Models](https://mlsanity.com/paper/2505.24864/) (2025)

## Built on by (most cited first, 12 of 12)

- [Demystifying Group Relative Policy Optimization: Its Policy Gradient is a U-Statistic](https://mlsanity.com/paper/2603.01162/) (2026)
- [PRPO: Aligning Process Reward with Outcome Reward in Policy Optimization](https://mlsanity.com/paper/2601.07182/) (2026)
- [One Refiner to Unlock Them All: Inference-Time Reasoning Elicitation via Reinforcement Query Refinement](https://mlsanity.com/paper/2604.25444/) (2026)
- [Scaling Self-Evolving Agents via Parametric Memory](https://mlsanity.com/paper/2606.04536/) (2026)
- [PaperMind: Benchmarking Agentic Reasoning and Critique over Scientific Papers in Multimodal LLMs](https://mlsanity.com/paper/2604.21304/) (2026)
- [ReContext: Recursive Evidence Replay as LLM Harness for Long-Context Reasoning](https://mlsanity.com/paper/2607.02509/) (2026)
- [QUATRO: Query-Adaptive Trust Region Policy Optimization for LLM Fine-tuning](https://mlsanity.com/paper/2602.04620/) (2026)
- [Adaptive Robust Estimator for Multi-Agent Reinforcement Learning](https://mlsanity.com/paper/2603.21574/) (2026)
- [A First-Principles Derivation of LLM Policy Optimization: From Expected Reward to GRPO and Its Structural Extensions](https://mlsanity.com/paper/2606.16733/) (2026)
- [Planned Test-Time Scaling with Coordinated Reasoning Paths](https://mlsanity.com/paper/2609.27374/) (2026)
- [Dual-Channel Robust Group-Relative Policy Optimization via Advantage and Sequence-Weight Estimation](https://mlsanity.com/paper/2609.36944/) (2026)
- [Exploring More, Reasoning Better: Stepwise Risk-Sensitive GRPO for Diffusion Language Models](https://mlsanity.com/paper/2610.00661/) (2026)

## Abstract (arXiv)

Reinforcement learning with verifiable reward has recently emerged as a central paradigm for post-training large language models (LLMs); however, prevailing mean-based methods, such as Group Relative Policy Optimization (GRPO), suffer from entropy collapse and limited reasoning gains. We argue that these issues stem from overemphasizing high-probability output sequences while neglecting rare but informative reasoning paths. To address these challenges, we propose Risk-based Policy Optimization (RiskPO), which substitutes classical mean-based objectives with principled risk measures. Specifically, we introduce a Mixed Value-at-Risk objective that integrates weighted attention over multiple regions of the reward distribution, thereby amplifying gradient signals on challenging instances and preventing overconfident convergence. We further design a bundling scheme that aggregates multiple questions into bundles, thus enriching the feedback signal and yielding more stable and informative training dynamics. Theoretically, we prove that the risk-averse update alleviates entropy collapse and promotes exploration. Numerically, RiskPO achieves consistent and significant improvements in mathematical reasoning, multi-modal reasoning, and code generation benchmarks, surpassing GRPO and its variants on both Pass@1 and Pass@k metrics. Our results demonstrate that risk-based optimization provides a rigorous and effective paradigm for enhancing LLM reasoning capabilities.