Transcription of Chapter - 1 Risk Management: An Introduction
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Chapter - 1 Risk Management: An Introduction
Chapter - 1 risk management : An Introduction A business has to try to minimise risks . But if its behaviour is governed by the attempt to escape risk, it will end up by taking the greatest and least rational risk of all: the risk of doing nothing. -Peter Drucker1 Introduction We live in a world of risk. Some risks are totally unexpected. The September 11, 2001 World Trade Centre attacks in the US, the Tsunami of December 2004, Hurricane Katrina of August 2005, and the Mumbai terrorist strikes of November 2008 are good examples. Other risks can be identified but the magnitude and extent are difficult to estimate. The sub prime crisis is a good example. Not all risks are so unpredictable or unexpected or difficult to estimate.
Chapter - 1 Risk Management: An Introduction “A business has to try to minimise risks. But if its behaviour is governed by the ... While risk management is critical for financial institutions, corporates too are realizing the importance of risk management. Pitney Bowes, the postal machine maker is a good example. In recent years, this ...
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