Frontiers of Risk Management, Volume I

CHAPTER 1

The Cultural Frontiers of Total Risk Management

Dennis Cox

Risk Reward Ltd

Introduction

Peter Bernstein’s Against the Gods1 illustrates how the remarkable story of risk has been an ever-evolving one, where the frontiers of risk have continually been pushed back with new breakthroughs in our understanding of risk and consequently in our improved ability to identify, measure, and manage risk. Best practices in risk management continue to be designed, defined, and refined by industry participants and their stakeholders. Indeed, there are libraries of books, reams of research papers, and years of discussion dedicated to the continual improvements that are being made in risk identification, measurement, and management. This will remain ...