A Brief History of Risk Management
The practice of risk management is concerned with future-proofing your business in the event of crises and sudden changes in the environment of your industry. With ideas that put emphasis on the future, it is still important to look at them when they were in the past as well. Risk management is practiced every day unknowingly at times. From day-to-day personal activities to large complex business solutions, let's look at a brief history of risk management . When Did Risk Management Start? The inception of risk management dates way back to ancient civilizations due to the idea of gaming and gambling. Civilizations used to pass the time thousands of years ago by playing different wagering games that emulate games like chess and checkers today. These forms of games lead to the rise and idea of probability theory, a great pillar of risk management. Early mathematicians analyzed games with the intent of developing mathematical theories that could be applied to the real world. Alongs