BIS’s Caruana calls for ‘humble’ risk management
Risks are too complicated and fast-moving to be fully modelled
Even the most sophisticated models cannot capture the growing complexity and interconnectedness of financial markets and economies, Jaime Caruana, general manager of the Bank for International Settlements, said in a speech this week.
Speaking at a conference of the Global Association of Risk Professionals in New York, Caruana said officials and private risk managers alike need to recognise the limits of their ability to understand the world, and build in flexibility to deal with the unexpected.
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