Risk management held back by lack of clear definition

Smith, speaking at a jointly held International Swaps and Derivatives Association and Professional Risk Managers' International Association conference in London this week, said this lack of any coherent definition of risk management is holding back the industry.

He highlighted the lack of consensus, even among the risk professionals in attendance, as to whether risk was an art or a science. He argued that for risk managers to have their business taken seriously, a clear definition of risk