Sir, Howard Davies, in “Audit is no longer the chore the board dreads most” (July 29), says that “overseeing future risks requires greater exercise of judgment”. True enough. But the real problem is not “overseeing” the risks of the future, it is seeing them – or more precisely, imagining them. Committees and bureaucracies are not notably good at this. As former US Treasury secretary Tim Geithner wrote about the most recent financial disaster: “Our crisis was largely a failure of imagination. Every crisis is.” The great difficulty succinctly stated.
Alex J Pollock, American Enterprise Institute, Washington, DC, US