Author: vaishnavmishal

Introduction Overall Risk Assessment (ORA) has emerged as one of the most significant pillars of modern corporate governance, but its origins lie in the fundamental human instinct to anticipate danger and prepare for the unknown. Historically, risk assessment began as an informal practice — merchants in ancient Mesopotamia assessed threats such as storms, theft, and caravan failures before transporting goods across trade routes. Early forms of risk-sharing agreements, such as mutual protection pacts among trading groups, were precursors to structured risk assessment. By the 14th century, maritime nations like Italy and Spain began developing more formalised systems to evaluate shipping…