Risk management was an important development of the last 25 years. It is being questioned today in light of the 2007-2008 financial crisis. Managed with methodologies and products conceptualised by the academic world — CAPM, VaR, quant algorithms or rating agency stress tests — risk management has failed to contain many of the recent crises: Japan, LTCM, the Internet Bubble and the 2007-2008 meltdown of the financial system.