Flight to qualitative

Risk Management

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Quants working in risk management need to watch their backs. According to one narrative now being used to explain the industry's collective failure to spot the dangers lurking in credit markets, bank risk functions had been taken captive by statisticians, mathematicians and modellers. With the quants at the controls, there was an unhealthy obsession with risk measurement, while the nuts and bolts of risk management - limits, controls, governance, reporting and good old-fashioned common sense and

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