Risk management is not just about quantitative models, says Schmidt Bies
Effective risk management is more than technical skills in building internal models, and needs qualitative factors of experience and sound judgement, according to governor Susan Schmidt Bies of the US Federal Reserve.
"Although the importance of the quantitative aspects of risk measurement may be quite apparent, the importance of the qualitative aspects may be less so. In practice, though, these qualitative aspects are no less important to
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