Moving targets

- Dwight Cass
- 01 May 2002

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Is risk management a hard science? Stated so bluntly, the idea seems absurd. But the industry’s tacit underlying assumption, fostered by advances in risk modelling, market data and hedging technologies, is that risk can be accurately quantified and managed.

The reaction to the Allfirst scandal is illustrative: the Ludwig report criticised the bank’s risk systems and market data policies. Systems vendors immediately saw the marketing opportunity, announcing loudly that their machines could

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