1. Basis of Risk management The risk is defined and understood in several ways. The term dates from the mid 17th century, when it was met as risque in French and rischo (derived from risch) in Italian[1, p.1]. Dictionaries define risk, also in different ways. Romanian explanatory dictionary defines risk as "the chance to get into danger, to have to face trouble or support a loss, possible danger”[6]. In the market economy, risk is defined as "a probably and future event, the occurrence of which could cause some loss ."[8] According to economic dictionary edited by The Economist, risk taking is the basis of capitalism and is responsible for a part of the economy growth.[4] Any human activity may be associated with a certain amount of risk. To understand better the ...
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