Risk management did not originate in the field of project management. The concept of risk management has been associated with various forms of insurance and financial protection long before it was formalized within project management. The study of risk management began after World War II and was initially related to market insurance to protect against losses associated with accidents. Over time, it expanded to include financial risk management and the use of derivatives as risk management instruments. References: = Historical analyses and academic literature on the subject of risk management, such as the work published in “Risk Management: History, Definition, and Critique” by Georges Dionne1, indicate that the roots of risk management are broader and predate the formalization within project management.
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