Risk aggregation: What does it really mean?

Bjørnsen, Kjartan and Terje Aven

Reliability Engineering and System Safety, 2019, vol. 191, issue C

Abstract: Risk aggregation is a common concept in risk management contexts. Overall, it relates to the process of summing and showing the interaction between single or individual risks, to see the bigger picture. However, its meaning and use are not clear when looking more closely into the concept and comparing various applications. In this paper, we will provide an in-depth study of the aggregation concept, using as a basis a general way of defining and understanding risk (in line with the Glossary from the Society for Risk Analysis), which includes most common perspectives on risk. The aim of the paper is to provide new insight into the concept, in order to strengthen the foundation of risk management and in particular the communication about risk issues.

Keywords: Risk aggregation; Risk characterization; Conceptual study; General perspective (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:191:y:2019:i:c:s0951832018307932

DOI: 10.1016/j.ress.2019.106524

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