No. No. No. NO!
Do they never learn?! Unquestioning reliance on overcomplicated mathematical risk-modelling techniques is a large part of what got us into this mess in the first place. It may be portrayed as a way of accurately assesing the stability of financial structures, but in reality, the main motive for the precise quantification of risk is to enable you to cut safety margins to the bone in the search for greater profit - and that is what this will end up getting used for.
Dr Singpurwalla sounds like a "quant " trying to rehabillitate his profession. Pride goeth before a fall, and the fantastically deluded belief that we can quantify and plan for everything goeth before all too many disasters.
I am reminded of an old Asimov story about a young man who builds a fantastically powerful computer in an attempt to create a perfect model of finance and economics, which would enable him to become obscenely rich, based on his belief that all things happen in predictable cycles. It suceeds, initially, but he becomes megalomaniacally overconfident, and attempts to create a perfect model of all human behaviour, with a view to essentially becoming God. Unfortunately, despite it's staggering complexity, his computer simply isn't up to the task of accounting for the unprecedented impact of its own existence, and catastrophically crashes, wiping him out.
Somebody stop this guy before it happens AGAIN.