by Rick Nason, PhD, CFA
Partner, RSD Solutions Inc.
I am currently teaching an Enterprise Risk Management course to senior people in the MBA Financial Services program at Dalhousie. I recently got back one of the first sets of assignments and was marking them on a plane ride to visit one of RSD’s clients.
The marking was going quite well until I came to one student’s answer that gave me pause. The student started their response to the question by stating – “This question is flawed.” Interesting I thought. All of the other students had answered the question without any such trouble. The point is that the student was correct. I had asked a quite reasonable academic question, but it was flawed in that the question made some implicit assumptions. It was flawed in that although it was a good question, but it was not the right question. It was not an impactful question. It was not a question that would challenge to the proper degree. It was not a question that would lead to the core of the issue. The question was flawed.
How often do we ask a flawed question? In risk how often do we ask a flawed question that produces correct, but flawed answers as a result of the flaw in the question?
The student got a good mark for their response.
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