The financial news abounds with all the talk of business risk and risk abatement. The boards of publicly traded firms are property blasted in newspaper cartoons, social media and the TV evening news for not handling risk. To get more details about enterprise risk management you may check here https://www.riskmate.uk/project-risk-assessment.
And then there's the government, or more accurately the bureaucrats from the halls of the Republic which are legislating risk management on all businesses. The sad side of this is that those legislators don't understand the easy definition and concept of risk.
If we take a brief step back in the history of trade we'll realize that the current science of risk management is a fairly new idea. The 16th-century definition of danger meant – to look for prosperity. It's interesting to note that risk management didn't emerge from the context as used now until about the 1960's and became a financial management element from the 1980's.
Sure the notion of risk has existed the transport industry for centuries, which lead to the conception of insurance companies. But with respect to overall business, risk management is relatively new.
What was it before all of the professors started to develop the formulas, write novels and businesses were formed to develop software so that companies and boards of supervisors could find their way to handle risk?
It's elusive, losing its own context in philosophical approaches like modernism and the development of applications and computational models. What's this toolset of business practices which were before the arrival of business intelligence and dashboards?These historical tools are Common sense, very good customer value and personal ethics.