Numerix: Living In Peace With Financial Models - 2014 and Beyond

Model risk can no longer be ignored. As we ring in the New Year, what resolutions should financial practitioners make to better navigate the murky waters associated with model risk?

Financial models have become a necessary fact of life in today’s post-crisis financial world; yet we all know that model usage in and of itself remains an imperfect science - depending on underlying assumptions and methodology, implementation practices, and, of course, the quality of data used.

Model risk, once