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Risk Analysis and Risk Management: An Historical Perspective

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  • Vincent T. Covello
  • Jeryl Mumpower

Abstract

This paper reviews the history of risk analysis and risk management, giving special emphasis to the neglected period prior to the 20th century. The overall objective of the paper is to: (1) dampen the prevailing tendency to view present‐day concerns about risk in an ahistorical context; (2) shed light on the intellectual antecedents of current thinking about risk; (3) clarify how contemporary ideas about risk analysis and societal risk management differ significantly from the past; and (4) provide a basis for anticipating future directions in risk analysis and management.

Suggested Citation

  • Vincent T. Covello & Jeryl Mumpower, 1985. "Risk Analysis and Risk Management: An Historical Perspective," Risk Analysis, John Wiley & Sons, vol. 5(2), pages 103-120, June.
    • Handle: RePEc:wly:riskan:v:5:y:1985:i:2:p:103-120
    DOI: 10.1111/j.1539-6924.1985.tb00159.x
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    References listed on IDEAS

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    1. Clark, William C., 1980. "Witches, Floods, and Wonder Drugs: Historical Perspectives on Risk Management," Scholarly Articles 32062578, Harvard Kennedy School of Government.
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    Cited by:

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    3. Cornwell, Nikki & Bilson, Christopher & Gepp, Adrian & Stern, Steven & Vanstone, Bruce J., 2023. "Modernising operational risk management in financial institutions via data-driven causal factors analysis: A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    4. Peter Blokland & Genserik Reniers, 2019. "An Ontological and Semantic Foundation for Safety and Security Science," Sustainability, MDPI, vol. 11(21), pages 1-25, October.
    5. Elias G. Carayannis & Klitos Christodoulou & Panayiotis Christodoulou & Savvas A. Chatzichristofis & Zinon Zinonos, 2022. "Known Unknowns in an Era of Technological and Viral Disruptions—Implications for Theory, Policy, and Practice," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 587-610, March.
    6. Cary Coglianese & Shana M. Starobin, 2020. "Social Science and the Analysis of Environmental Policy," Review of Policy Research, Policy Studies Organization, vol. 37(5), pages 578-604, September.
    7. Cichulska Aneta & Wisniewski Radosław, 2017. "Issue Of Risk In Literature," Real Estate Management and Valuation, Sciendo, vol. 25(3), pages 74-86, September.
    8. Thomas Kourouxous & Thomas Bauer, 2019. "Violations of dominance in decision-making," Business Research, Springer;German Academic Association for Business Research, vol. 12(1), pages 209-239, April.
    9. Rawan ABUZARQA, 2019. "Banking Risk Management According To The Requirements Of The Basel Agreements," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 19, pages 29-38, May.
    10. Igor Linkov & Cate Fox-Lent & Jeffrey Keisler & Stefano Della Sala & Jorg Sieweke, 2014. "Risk and resilience lessons from Venice," Environment Systems and Decisions, Springer, vol. 34(3), pages 378-382, September.
    11. Antonio Nesticò & Shuquan He & Gianluigi De Mare & Renato Benintendi & Gabriella Maselli, 2018. "The ALARP Principle in the Cost-Benefit Analysis for the Acceptability of Investment Risk," Sustainability, MDPI, vol. 10(12), pages 1-22, December.
    12. Zbysław Dobrowolski & Grzegorz Drozdowski & Mirela Panait, 2022. "Understanding the Impact of Generation Z on Risk Management—A Preliminary Views on Values, Competencies, and Ethics of the Generation Z in Public Administration," IJERPH, MDPI, vol. 19(7), pages 1-13, March.
    13. Bai-Qiao Chen & Kun Liu & Tongqiang Yu & Ruoxuan Li, 2024. "Enhancing Reliability in Floating Offshore Wind Turbines through Digital Twin Technology: A Comprehensive Review," Energies, MDPI, vol. 17(8), pages 1-23, April.
    14. Kimberly M. Thompson & Paul F. Deisler & Richard C. Schwing, 2005. "Interdisciplinary Vision: The First 25 Years of the Society for Risk Analysis (SRA), 1980–2005," Risk Analysis, John Wiley & Sons, vol. 25(6), pages 1333-1386, December.
    15. Ravi Kashyap, 2024. "The Concentration Risk Indicator: Raising the Bar for Financial Stability and Portfolio Performance Measurement," Papers 2408.07271, arXiv.org.
    16. Mark Abkowitz & Janey Camp, 2017. "Structuring an Enterprise Risk Assessment Protocol: Traditional Practice and New Methods," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 20(1), pages 79-97, March.
    17. Rob P. Rechard, 1999. "Historical Relationship Between Performance Assessment for Radioactive Waste Disposal and Other Types of Risk Assessment," Risk Analysis, John Wiley & Sons, vol. 19(5), pages 763-807, October.
    18. M. Elisabeth Paté-Cornell & Robin L. Dillon, 2006. "The Respective Roles of Risk and Decision Analyses in Decision Support," Decision Analysis, INFORMS, vol. 3(4), pages 220-232, December.
    19. Vincent T. Covello, 1987. "Decision Analysis and Risk Management Decision Making: Issues and Methods," Risk Analysis, John Wiley & Sons, vol. 7(2), pages 131-139, June.
    20. Michele M. Wood & Dennis S. Mileti & Megumi Kano & Melissa M. Kelley & Rotrease Regan & Linda B. Bourque, 2012. "Communicating Actionable Risk for Terrorism and Other Hazards⋆," Risk Analysis, John Wiley & Sons, vol. 32(4), pages 601-615, April.

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