Risk assessment and risk management: Review of recent advances on their foundation

Terje Aven

European Journal of Operational Research, 2016, vol. 253, issue 1, 1-13

Abstract: Risk assessment and management was established as a scientific field some 30–40 years ago. Principles and methods were developed for how to conceptualise, assess and manage risk. These principles and methods still represent to a large extent the foundation of this field today, but many advances have been made, linked to both the theoretical platform and practical models and procedures. The purpose of the present invited paper is to perform a review of these advances, with a special focus on the fundamental ideas and thinking on which these are based. We have looked for trends in perspectives and approaches, and we also reflect on where further development of the risk field is needed and should be encouraged. The paper is written for readers with different types of background, not only for experts on risk.

Keywords: Risk assessment; Risk management; Foundational issues; Review (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (180)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0377221715011479
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:253:y:2016:i:1:p:1-13

DOI: 10.1016/j.ejor.2015.12.023

Access Statistics for this article

European Journal of Operational Research is currently edited by Roman Slowinski, Jesus Artalejo, Jean-Charles. Billaut, Robert Dyson and Lorenzo Peccati

More articles in European Journal of Operational Research from Elsevier
Bibliographic data for series maintained by Catherine Liu ().