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Risk Management: History, Definition and Critique
Year Of Publication: 2013
Month Of Publication: March
Resource Link: Click here to open
Pages: 22
Download Count: 0
View Count: 1279
Comment Num: 0
Language: English
Source: working paper
Who Can Read: Free
Date: 6-21-2013
Publisher: Administrator
Summary
The study of risk management began after World War II. Risk management has long been associated with the use of market insurance to protect individuals and companies from various losses associated with accidents. Other forms of risk management, alternatives to market insurance, surfaced during the 1950s when market insurance was perceived as very costly and incomplete for protection against pure risk. The use of derivatives as risk management instruments arose during the 1970s, and expanded rapidly during the 1980s, as companies intensified their financial risk management. International risk regulation began in the 1990s, and financial firms developed internal risk management models and capital calculation formulas to hedge against unanticipated risks and reduce regulatory capital. Concomitantly, governance of risk management became essential, integrated risk management was introduced and the first corporate risk officer positions were created. Nonetheless, these regulations, governance rules and risk management methods failed to prevent the financial crisis that began in 2007.
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Author(s)
Dionne, M. Georges Sign in to follow this author
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