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A Formalised Approach to the Management of Risk: Process Formalisation

Author

Listed:
  • Mike Brownsword

    (Atego, UK)

  • Rossi Setchi

    (Cardiff University, UK)

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.

Suggested Citation

  • Mike Brownsword & Rossi Setchi, 2011. "A Formalised Approach to the Management of Risk: Process Formalisation," International Journal of Knowledge and Systems Science (IJKSS), IGI Global, vol. 2(3), pages 63-80, July.
    • Handle: RePEc:igg:jkss00:v:2:y:2011:i:3:p:63-80
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    File URL: http://services.igi-global.com/resolvedoi/resolve.aspx?doi=10.4018/jkss.2011070105
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    Cited by:

    1. Michael Schmidt, 2023. "Information security risk management terminology and key concepts," Risk Management, Palgrave Macmillan, vol. 25(1), pages 1-23, March.

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