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Weathering Model Risk: What Tropical Storm Debby Can Teach Financial Institutions

Posted: 28 February 2013 | Author: Jim Jockle | Source: Numerix

James J. Jockle, Chief Marketing Officer at Numerix, addresses the issue of model risk and how a lack of model uniformity can present significant risks.

If you go back twenty years ago, the most distrusted individual on the evening news was the weatherman (unless of course you live in San Diego where it’s always sunny). If the weather man called for a light dusting of snow, you could get rain or a blizzard.  The umbrella was a standard tool in the briefcase.  But we’ve advanced. Now you can go to your mobile device punch up weather.com and get the day’s forecast in 15 minute increments or for the next 10 days – and it’s right.

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