IN CONTEXT
Risk management
1932 The American Risk and Insurance Association is established.
1963 Robert Mehr and Bob Hedges publish Risk Management in the Business Enterprise, claiming that the objective of risk management is to maximize a company’s productive efficiency.
1970s Inflation and changes to the international monetary system (the ending of the Bretton Woods agreement) increase commercial risks.
1987 Merrill Lynch becomes the first bank to open a risk-management department.
2011 The US Financial Crisis Inquiry Commission says that the 2008 financial crisis was caused partly by financial companies “taking on too much risk.”
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