by Rick Nason, PhD, CFA
Partner, RSD Solutions Inc.
Is risk management a craft? Should we have a guild and apprenticeships? Can risk management be codified, or is risk management one part science, one part art, and one part intuition gained through extensive experience?
I believe that risk management is a craft. Despite the prevalence of risk management programs I believe that you only learn risk management through experience. (Yes – I design and instruct in several different such programs at the undergraduate, graduate, executive education levels and in many different professional programs).
I am obviously biased in making that statement. Our company RSD Solutions after all is formed on the backbone of professionals with extensive experience who have been there and done that. Based simply on credentials there are many other directions we could have chosen to go into – but we chose risk management based on our experience. That is an important and significant difference.
Often risk managers are chosen based on credentials. Credentials are important, but credentials are only starting points. Credentials are only starting points for gaining the sufficient experience necessary in order to be eventually claimed a craftsperson. It is time for the profession to start to act as a craft, and less as a science – with all of the implications this implies.
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