US debate grows over value of stress testing

Stress test dummies

Relaxed crash test dummy

Is operational risk stress testing a fool’s errand or the future of the discipline? In the wake of the US Federal Reserve’s stress-testing programme results earlier this year, the debate on stress testing is heating up. Quants at the Richmond Federal Reserve Bank say they can demonstrate macroeconomic correlations with operational risk events, while some in the industry say such correlations are imaginary – or, at least, complex and potentially misleading. Other industry experts agree

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