Continuous Risk Management, Part 1: Models and Simulation Processes

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

Chapter Chapter 8 in Integration of Project, Infrastructure, and Enterprise Risk Management, 2025, pp 89-105 from Springer

Abstract: Abstract The chapter discusses Continuous Risk Management (CRM) processes in the context of continuously managing both individual and aggregate risks, as opposed to just individual risks, within the five sequential CRM steps (Identify, Analyze, Plan, Track, and Control). It highlights and explains some of the principal analytical models including risk scenario diagrams, performance analysis models (keyed to the maturity of the project, program, or other activity being analyzed), fault-tree-based risk aggregation models, and leading-indicator-based correlations of U/U risk (particularly with regard to schedule risk). It also demonstrates by example the importance of accounting for event dependencies and risk scenario dependencies during risk aggregation, and concludes by identifying other risk analysis tools that are commonly used within the CRM process.

Keywords: Continuous risk management; Individual risks; Aggregate risk; Simulation; Maturity phases; Model rigor; Risk scenario diagrams; Fault trees; Risk scenario dependencies; Common cause analysis; Leading indicators; Probabilistic risk analysis; Risk analysis tools (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_8

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DOI: 10.1007/978-3-031-85070-7_8

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