  "What are the origins of risks?" and "How material are they?" -- these are
the two most fundamental questions of any risk analysis. Quantitative
Structuring -- a technology for building financial products -- provides
economically meaningful answers for both of these questions. It does so by
considering risk as an investment opportunity. The structure of the investment
reveals the precise sources of risk and its expected performance measures
materiality. We demonstrate these capabilities of Quantitative Structuring
using a concrete practical example -- model risk in options on vol-targeted
indices.
