As memories of the Global Financial Crisis begin to fade, David Rowe’s book is a timely reminder of the need to expand risk management beyond purely technical analysis to broader consideration of social, organizational, political and technological issues. -Alan Greenspan, Former Chairman of the Federal Reserve Board This book is a broad ranging critique of risk management that should be required reading for all Chief Risk Officers and their staff. Whether they are new to their role or seasoned professionals tested by the unexpected, risk managers will gain valuable insights into the science and practice of their chosen field. David Rowe has selected topics drawn from his years in the trenches where he applied his technical expertise and common sense to close potentially dangerous gaps in risk management analytics, assumptions and systems. Every chapter offers real world examples and insights into both the value and the limitations of common risk measures and processes and how some of these contributed to the Global Financial Crisis. The book impresses upon readers the need to broaden their perspective based on experience, healthy skepticism and common sense. -David Martens, Former CRO of the Federal Home Loan Bank of San Francisco There are many highly technical books that deal with the details of statistical and other analytical tools used in economic and financial analysis. This book is not an attempt to add to that vast body of material. Rather, it encourages readers to step back from the swirling mass of details that often characterize such analysis and ask a more basic question, namely, What are the assumptions and mental frameworks they should bring to such work, especially to the frustratingly amorphous subject of risk measurement and management?