By
Rick Nason, PhD, CFA
Partner, RSD Solutions Inc.
Partner, RSD Solutions Inc.
The legendary neurologist Oliver
Sacks, whose books and experiences as a doctor become famous as the material on
which the movie Awakenings was based, passed away at the end of August. Dr. Sacks was renowned for his ability to
deal with people who had severe neurological conditions. However as his obituary in the Economist
(September 5, 2015) points out;
“ … his compulsion
sprang from the fact that he was no good at medical research; that data-driven
“testability” in the lab repelled him, whereas talking to patients, shy as he
was, opened a door into private landscapes that were magical, challenging and
almost unfathomable. “Empiricism”, he
wrote, “takes no account of the soul.”
“Empiricism
takes no account of the soul” is something that risk managers need to take into
their soul. Virtually all of risk and
risk management is based on the emotions and actions of people. People have souls which drive their emotions
and actions. Empiricism is only the
basis of action for the most shallow amongst us. Talking, as opposed to data collection has
something to recommend to not only neurology, but also risk management.
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