Abstract

The idea that risk management creates value is largely accepted today. However, this has not always been the case in the past, especially in the financial sector (Stulz, 1996). Rather, it has been a long march marked by a number of decisive steps. In this introduction, we present an outline of the most important achievements from a historical point of view. We also give an overview of the current financial regulation, which is a cornerstone in financial risk management.