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Quotes of the day:
Let me tell you something that we Israelis have against Moses. He took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil
Model risk is a type of risk that occurs when a financial model is used to measure quantitative information such as a firm’s market risks or value transactions, and the model fails or performs inadequately and leads to adverse outcomes for the firm.
Operational Risk - What is Model Risk? (FRM Part 2, Book 3, Operational Risk)
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