“All models are wrong, but some are useful,” said statistician George Box in 1978.
And now, there’s an association for the people who figure out which are which.
With models virtually flooding the financial world, those who vet them are banding together to try to create a standards-setting body. Founded in March, the Model Risk Managers’ International Association (MRMIA) has already drawn 1,800 professionals via LinkedIn, and is forming chapters in New York and London.
The group – it is open