Today, most institutional investors, practitioners, and regulators seem relatively content with the current state of the art. Although most academics and practitioners fully recognize the conceptual and technological limitations of the “state‐of‐the‐practice” models, systems, and policies, it would appear that no urgent issues remain. However, this author argues that the risk management revolution is not over, and poses some fascinating questions that remain unanswered. The author discusses some challenges that practitioners face and proposes a line of inquiry for future commentary.
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