In 1946, mathematicians at Los Alamos developed Monte Carlo simulation to model nuclear reactions under uncertainty. By the 1990s, sophisticated mathematical approaches to risk helped win Nobel Prizes and generate billions in financial markets. In 1998, Long-Term Capital Management (LTCM) showed us the limitations of risk models. Today? Many organizations have reduced risk management to… Continue reading How risk management turned into a meaningless ritual
Tag: Schedule@Risk
Risk management used to be a science, then it became an art, now it’s just bullsh@t
Latest views from Alex Sidorenko on how “innovation”, lack of business acumen and consultants are killing modern risk management in non-financial organizations. First there was science… Some sources suggest probability theory started in gambling and maritime insurance. In both cases the science was primarily used to help people and companies make better decision and hence… Continue reading Risk management used to be a science, then it became an art, now it’s just bullsh@t
