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Clear short and structured explanation of history and objectives of risk management

Trading 1 hr ago
  • User
    Liveth
    1 hr ago

    History of risk management 

     

    Ancient times: fisk control existed informally, Marchant used diversification in trade and farmers stord surplus for emergency.

    Middle age: marin insurance in Europe (14th-15th century) helped project against loses in sea trade 

    17th-18th century: probably theory and statistics emerged ( pascal format) enabling mathematics calculation.

    20th century: industrial growth global trade and stock market increase complex risk, insurance and financial control becomes formalized.

    Modern era: risk management expanded beyond insurance, now covering financial operations , environmental cyber security and strategic risks, guided by global standard like iso 3100 and coso Erm 

     

    Objectives of risk management.

    Identify potential risk before they occur.

    Minimize negative impact on people assets and profits.

    Maximize opportunity by balancing risk and rewards.

    Ensure stability in operations and finance.

    Comply with laws and regulations to avoid legal penalty..

    You are free to ask questions in your comment , please like and share.

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