This paper offers a comprehensive review of risk measures in quantitative finance, tracing their evolution from early contributions by Bernoulli in 1738 to modern standards such as Conditional Value at Risk (CVaR). It targets a mixed audience of academics and industry professionals, addressing the heightened importance of risk measurement in light of the global credit crunch. The study systematically surveys both well-known and less common risk measures, including the Treynor ratio, to provide a holistic view of the field.

The methodology involves a chronological analysis and comparative survey of portfolio risk measures within financial mathematics, integrating insights from academic research and industry practices. By reviewing the historical development and current preferences, the paper highlights how risk measures have evolved to meet regulatory and practical needs, emphasizing their critical role in risk management during financial crises. This work serves as a valuable resource for understanding the foundations and advancements in risk measurement, bridging gaps between theory and application.