"Quantitative risk assessments cannot eliminate risk, nor can they resolve trade-offs. They can, however, guide … principled risk management and reduction - if the quality of assessment is high and decision makers understand how to use it …. This book builds a unifying scientific framework for discussing and evaluating the quality of risk assessments and whether …

We discuss when and why custom multi-factor risk models are warranted and give source code for computing some risk … factors. Pension/mutual funds do not require customization but standardization. However, using standardized risk models in … quant trading with much shorter holding horizons is suboptimal: (1) longer horizon risk factors (value, growth, etc …