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The term Risk has come to be used quite generously these days. Whether it is business, personal life, community, society, financial world, stock markets, politics, strategic affairs or international relations, a reference to ‘Risk’ is bound to be made everywhere. The large variety of applications of this word ipso facto speaks of the enormity of the concept. Risks in general have remained with mankind since the beginning and possibly will remain so forever. In the recent times, however, developments like globalization of economies have on one hand thrown up numerous opportunities and on the other increased our exposure to diverse risks. Most recently the global financial crisis and its aftermath is also a stark reminder to all of us of how worse things can go. Again from a different standpoint, factors like environmental degradation, lifestyle changes, and social mutations have posed new risks on mankind. As a result of all this man has had to invent novel techniques for handling risks. This process has culminated into what is commonly known as Risk Management.

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