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Tuesday, October 7, 2014

Is Risk Management a Science or an Art?

The discussion of whether Risk Management is really an art or a science has become a popular debating subject over the last few years as practitioners try to place it within a specific faculty of study.  Today we deliberate on this very subject again and on the G31000 forum [LINK].

Risk management can of course be an art or a science depending on one's point of view, taking features from both schools to become a craft.

Is Music really an art
More broadly, perhaps risk management is operating best when it is the strict methodological process found in science, being applied to the objective study of epistemology.

If we move away from the 'discipline' of risk management specifically and question music, is music an art or a science?

If you were to put that question to a handful of random people, 'Is music an art or a science?'; we would probably expect the vast majority to respond with something along the lines of 'the creative process of making music falls deeply into the realm of being an art'.

Nonetheless, The Genius of Beethoven (see video below) will help us see beyond this delineation.

The Genius of Beethoven Music and Math | Natalya St. Clair

Back to risk management for a moment and after watching this video; the vote on whether risk management is an art or science is now probably more integrated than one would first believe but we can nearly be sure that risk management isn't alone as an art.

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