Gestion des risques: histoire, définition et critique

Georges Dionne ()

No 13-1, Working Papers from HEC Montreal, Canada Research Chair in Risk Management

Abstract: The study of risk management began after World War II. Risk management has long been associated with the use of market insurance to protect individuals and companies from various losses associated with accidents. Different forms of risk management, alternatives to market insurance, surfaced during the 1950s when market insurance was perceived as very costly and incomplete. The use of derivatives as financial risk management instruments arose during the 1970s, and expanded quite rapidly during the 1980s, as companies intensified their financial risk management. International risk regulation began in the 1990s, prompting financial firms to develop internal risk management models and capital calculation formulas to hedge against unanticipated risks and reduce regulatory capital. Concomitantly, governance of risk management became essential, integrated risk management was introduced and the first risk manager positions were created. Nonetheless, these regulations, governance rules and risk management methods failed to prevent the financial crisis that began in 2007.

Keywords: Risk management; derivatives; regulation; financial crisis; insurance market; self-protection; self-insurance; governance (search for similar items in EconPapers)
JEL-codes: D81 G21 G22 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2013-02-01
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Working Paper: Gestion des risques: histoire, définition et critique (2013)
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