| Publisher | Goldman Sachs & Co. | ||
|---|---|---|---|
| Format | HTML | Date added | 11 Nov 2003 |
| Topics | |||
| Downloads | 18 | ||
What is the purpose of modelling, in any field? Clearly, it is divination whether foretelling the future, or controlling it. So my task here is to foretell the future of a field that itself tries to foretell the future. To do that, I must first locate the present: what works now, and why. My view is a parochial one; I wasn't trained as an economist, but as a natural scientist who, for the past 10 years or so, has made a living and had some fun building the models and systems used by people who trade complex, mostly derivative, securities for their living. It is interesting, though limited, work, but it is what I know about, from the bottom up. So let me start by giving you one view of the derivatives trading environment today: vast struggles with dispersed data and information and record-keeping, all overlaid with ambitious, sometimes astonishingly successful, attempts to describe the underlying phenomena with the classical tools of the natural sciences. People worry about model risk, but I think the largest risks are procedural, administrative and operational.
Did you find this white paper useful?
8 out of 19 users found this white paper useful
Related white papers
5 Keys to a Successful Identity and Access Management Implementation
Identity and Access Management (IAM) is a core element of any sound security program. But IAM is also difficult to implement because it touches virtually every end user and numerous business processes. This...
BT Saves More Than ?15 million and improves customer services with Identity & Access Management
This report from CA shows how, by enabling simplified sign-on for all of BT's user communities, the reusable authentication capability has helped save ?4.5 million per annum since 2004. BT...
Business Service Management
IT management is undergoing a transformation that's driven by the goal of managing IT to business priorities. This whitepaper explores how, under pressure to demonstrate business value, be innovative and act...
Business Service Management Links IT Services to Business Goals
Business activities and profitability increasingly depend on technology, challenging IT to optimize services based on business priorities. Read on to discover how the most effective way to deliver business-optimized service is...
How Project and Portfolio Management is Delivering Value to the Organisation
To remain competitive in today's global marketplace, organizations are seeking to automate processes and leverage their technology infrastructure in alignment with their goals. To understand the impact of project and portfolio...
IDENTITY AND ACCESS MANAGEMENT
This CA whitepaper explores how a comprehensive identity and access management solution can help reduce security risk and achieve easier compliance
Project & Portfolio Management Fact Book
" There are many reasons why projects fail ? many of which can be attributed to a lack of visibility into long-term project needs. Without proper visibility, organizations are unable...
