Risk management increasing role
November 18, 2009 in Industry, Nature & Environment
I really believe that risk management, on the form of quantitative risk analysis will be more and more needed. I know that in the wind energy industry, the need for quantitative risk analysis is necessary when it comes to buidling up an offshore windfarm. The proportion of these farms amounts 3 to 4 % of the number of onshore windfams (which don’t require this risk management since they imply much less risks). By 2025 there should be as many offshore windfarms as onshore windfarms. This means the need for this service will increase dramatically.
Moreover we are at the middle of a financial crisis and people, once again, realize the necessity for control and risk assesments. This means that in finance, like in any kind of projects, people will want to know the risks they really are taking. Private investors, banks, insurancesm they all suffered a lot and will keep on suffering during this crisis. Their risk aversion profile increased or will increase. Projects and organizations are growing bigger and bigger and the number, frequency and severity of risks are positively correlated to it. We are from a generation that understands the necessity for environmental protection, and in activity that is related to it quantitative risk analysis is an essential step. So let’s remain aware of that increasing need.
Joan said on November 18, 2009
Nice one, I give you a 5. Maths are to be applied everywhere, I’ve read that google employs one statistician for 100 computer engineers. Moreover, with increasing computing power, possibilities are going to be even greater. The only issue every time is how you get the data. We know the calculus, but the DATA is the big issue there.
Beside, I’ve made some changes on your tags and categories. In the tags you wrote the name of existing categories. I changed that. Categories are general, while tags are more specific. I put your idea in: Industry, Investing, Nature & Environment and destiny. The last one is to contain event that we think will happen in the future, no matter what. For the tags, you can see what I put. You can still change them if you don’t like them.