Is risk management dangerous?

Risk management has experienced such a remarkable rise in the past 15 years that some have begun to criticise its influence. These may be the complaints of those who bristle under its constraints. David Rowe argues that a recent more thoughtful critique raises issues that should be taken seriously, however

Risk management has experienced a remarkable surge in significance in the past 15 years. Driven by the huge losses experienced from the mid-1980s to the mid-1990s, resources and staff devoted to risk management have increased sharply, as has the level of technical skills among its practitioners. Chief risk officer has become a common title in the financial sector, and an increasing share of those with that title now report to the chief executive officer or the management committee