I have received an email:
Title: "Forecasting is the art of saying what will happen, and then explaining why it didn't "
Message: I hate you. Our boss is following your stress testing recommendations. Lao Tzu has said that those who have knowledge don't predict. Those who predict, don't have knowledge.
Arnold Schwarzenegger, did you send it?
"Dear Arnold (or other Terminator),
It is not me! It is Basel iii that asks for a forward-looking perspective! Basel iii requires stress testing. And, we have a crystal ball in risk management: The recommendations of the Financial Stability Board (FSB)."
Who reads these recommendations? So important ... I have led some classes since January, nobody reads FSB.
They laugh when I say read FSB every morning, before reading FT or WSJ!
It is time to read the recommendations of the FSB carefully. It is about the board, senior management, risk officers, compliance officers, internal and external auditors.
This is our Number 1. These pages are so important.
Welcome to the Top 10 list.
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