Finance professor and risk management expert Clifford Rossi, who’s held senior executive roles in risk management at several of the largest financial services companies, is available to expand on his assertion that the “Texas energy debacle is a risk management nightmare.”
“The media and politicians are referring to the crisis in Texas as a Black Swan event, a 1-in-100 years event, etc. The simple truth is that in conceptualizing an independent power grid for Texas, among other strategies, it appears officials in the state never went through a risk management process to stress test the grid strategy.
“This is a great example of where future climate-related events need to be considered as part of a company's or government's overall risk management framework.”
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Professor of the Practice & Executive-in-ResidenceUniversity of Maryland, Robert H. Smith School of Business