FRB: Speech, Olson—Qualitative aspects of risk management—December 7, 2004:
"Although the importance of the quantitative aspects of risk measurement may be quite apparent...the importance of the qualitative aspects may be less so. In practice, though, these qualitative aspects are no less important to the successful operation of a business.... Some qualitative factors--such as experience and judgment--affect what one does with model results. It is important that we not let models make the decisions, that we keep in mind that they are just tools, because in many cases it is management experience--aided by models to be sure--that helps to limit losses."