Risk management is just as common to our everyday existence as the very concept of our `self-preservation'. It is very much a part of human psyche, yet so eluding. When one enquires with passengers in an airplane that is wildly rocking flying through turbulence zone, to ascertain if all of them have an equal degree of anxiety, some may sound highly anxious while some others coolly snooze off. Event is same but the effect is different from person to person. Is it because each person is ascribing his own value to risk? Obviously.........

The universe is a web of complex variables. Their interrelationship is hard to decipher. Business is a subset of this complex web. Nothing is certain here. But many outcomes of such relationships are plausibly probable. Mankind has a natural tendency to welcome those relationships that have high probability of high gain while shunning those of high probability of high loss. And businesses are no exception to this propensity. Most of the businesses strive to keep away from high probability of high loss events as they are known to affect their profitability. It is in their attempt to perfect this art that businesses have evolved the concept of "risk management".

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