Risk management is not just about quantitative models, says Schmidt Bies

Effective risk management is more than technical skills in building internal models, and needs qualitative factors of experience and sound judgement, according to governor Susan Schmidt Bies of the US Federal Reserve.

Speaking at the International Centre for Business Information's Risk Management 2004 Conference in Geneva, Switzerland, Schmidt Bies said quantitative measurements of risk are just tools to be used by people, and should not overshadow human qualities of good judgement.

"Although the importance of the quantitative aspects of risk measurement may be quite apparent, the importance of the qualitative aspects may be less so. In practice, though, these qualitative aspects are no less important to

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