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On the link between risk and exposure

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  • Aven, Terje

Abstract

There exist a number of definitions of the concept of risk. Very few of them directly express how “exposure†and “risk exposure†are connected to the risk. Clearly there is a connection, but it is not evident how these concepts are related. In this paper we provide an in-depth study of this issue. A model is presented which links risk sources, hazards/threats and exposed systems. Using this model, it is shown how the concepts of exposure and risk exposure can be given plausible explanations for some common risk perspectives. The model provides new insights on some main perspectives on risk used for risk assessment and risk management. A set of adjusted risk definitions, all reflecting the exposure dimension, is considered. The principal aim of this paper is to contribute to a clarification of the issue in order to strengthen the foundations of the meaning and characterisation of risk, and in this way provide a basis for improved risk management.

Suggested Citation

  • Aven, Terje, 2012. "On the link between risk and exposure," Reliability Engineering and System Safety, Elsevier, vol. 106(C), pages 191-199.
    • Handle: RePEc:eee:reensy:v:106:y:2012:i:c:p:191-199
    DOI: 10.1016/j.ress.2012.06.004
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    References listed on IDEAS

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    1. Aven, Terje, 2010. "On how to define, understand and describe risk," Reliability Engineering and System Safety, Elsevier, vol. 95(6), pages 623-631.
    2. Aven, Terje & Zio, Enrico, 2011. "Some considerations on the treatment of uncertainties in risk assessment for practical decision making," Reliability Engineering and System Safety, Elsevier, vol. 96(1), pages 64-74.
    3. Terje Aven & Ortwin Renn, 2009. "On risk defined as an event where the outcome is uncertain," Journal of Risk Research, Taylor & Francis Journals, vol. 12(1), pages 1-11, January.
    4. Aven, Terje, 2011. "On the new ISO guide on risk management terminology," Reliability Engineering and System Safety, Elsevier, vol. 96(7), pages 719-726.
    5. Eugene A. Rosa, 1998. "Metatheoretical foundations for post-normal risk," Journal of Risk Research, Taylor & Francis Journals, vol. 1(1), pages 15-44, January.
    6. Aven, Terje, 2012. "The risk concept—historical and recent development trends," Reliability Engineering and System Safety, Elsevier, vol. 99(C), pages 33-44.
    7. Aven, Terje, 2007. "A unified framework for risk and vulnerability analysis covering both safety and security," Reliability Engineering and System Safety, Elsevier, vol. 92(6), pages 745-754.
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