Euromoney 30th anniversary: Heroes and villains
The past 30 years have witnessed the birth, infancy and adolescence of risk management as a profession. Although actuarial science has been practised for over 200 years, it deals primarily with assessing the risks of liability claims; its major contribution to the measurement of the risks of financial assets was the quantification of the time value of money.
In recent decades, the market prices of financial assets have been scrutinized with statistical tools, yielding an array of neo-Greek symbols – alpha, beta, gamma, delta, theta, vega – to complement the basic metrics of probability – mu, sigma, rho.
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