Articulation of Aggregate Risk, Risk Tolerance Posture, and Risk Posture

Allan S. Benjamin
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Allan S. Benjamin: Allan Benjamin Company

Chapter Chapter 3 in Integration of Project, Infrastructure, and Enterprise Risk Management, 2025, pp 25-34 from Springer

Abstract: Abstract The chapter starts by characterizing the difference between mandated requirements and organizational objectives. It then provides detailed guidance on how to elicit information from stakeholders, decision authorities, and subject matter experts about performance constraints and targets, risk tolerance levels, and risk acceptance levels, toward deriving an overall risk posture that characterizes an organization’s attitudes toward aggregate risks. It also discusses the calibration of expert judgment to reduce biases, by using varying techniques such as the analytical hierarchy process (AHP) and multi-criteria decision analysis (MCDA).

Keywords: Expert elicitation; Expert calibration; Risk tolerance curve; Risk-acceptance curve; Multi-attribute utility theory; Multi-criteria decision analysis; Mandated requirements; Performance constraints; Performance markers; Confidence levels; Short-term; Long-term (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:rischp:978-3-031-85070-7_3

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DOI: 10.1007/978-3-031-85070-7_3

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