John Kay. Gestion du risque – On Risk

John Kay écrit dans Don’t blame luck when your models misfire

But today the modellers are in charge, not the poets. Like practitioners of alchemy and quack medicine, these modellers thrive on our desire to believe impossible things. But the search for objective means of controlling risks that can reliably be monitored externally is as fruitless as the quest to turn base metal into gold. Like the alchemists and the quacks, the risk modellers have created an industry whose intense technical debates with each other lead gullible outsiders to believe that this is a profession with genuine expertise.

We will succeed in managing financial risk better only when we come to recognise the limitations of formal modelling. Control of risk is almost entirely a matter of management competence, well-crafted incentives, robust structures and systems, and simplicity and transparency of design.

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