pɹˈaɪɚ tə sˈænfɚdz kwˈɔntᵻtˌeɪɾɪv mˈɛʒɚmənt, kɹˈɛdɪt ænd mˈɑːɹkɪt ɹˈɪsk wʌz dᵻfˈaɪnd θɹuː ˈæd hˈɑːk mˈɛʒɚz.
Prior to Sanford's quantitative measurement, credit and market risk was defined through ad hoc measures.