Managing Uncertainty, Mitigating Risk proposes that financial risk management broaden its approach, maintaining quantification where possible, but incorporating uncertainty. The author shows that by using broad quantification techniques, and using reason as the guiding principle, practitioners...

"Risk management as a discipline is evolving, evolving to deal with fat tails, evolving to deal with macro-economic drivers and basic forms of nonlinearity. And yet, financial risk management remains limited to the confines of quantification, forced to use the crutch of mathematical models. The...