Risk managers too focused on model outputs, Lloyd’s risk head says

Risk managers are still too reliant on models and need to consider a wider array of factors, according to Olly Reeves, head of risk management at Lloyd's, the specialist insurance market.

Speaking today at the Federation of Risk Management Associations forum in Maastricht, the Netherlands, Reeves said risk managers need to ask tough questions, rather than rely on models.

"We do a lot of modelling of catastrophe events and financial events, but there is always a danger of relying on a model