A Formalised Approach to the Management of Risk: Process Formalisation

Mike Brownsword and Rossi Setchi
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Mike Brownsword: Atego, UK
Rossi Setchi: Cardiff University, UK

International Journal of Knowledge and Systems Science (IJKSS), 2011, vol. 2, issue 3, 63-80

Abstract: Observations made while working with industry and government organisations have shown a number of issues with the implementation of current risk management best practice. A major issue in many cases is the lack of pragmatism associated with the risk management process and the need for a more formalised approach to risk management. In this paper, the authors propose and validate a multi-view approach to defining the processes required to carry out risk management. The formalised approach proposed includes a definition of risk, an ontology, a set of processes, and a pragmatic methodology, which shows an application of these processes enabling pro-active management of change. The ability of the processes to be applied to different types of risk has been demonstrated through a case study highlighting health and safety issues. Within the current engineering and economic climate this logical approach provides a visualisation which is consistent, repeatable, view based, and pragmatic.

Date: 2011
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