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Risk Assessment Model Respecting Segments Of The Public

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  • Borut Jereb
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    Abstract

    The paper describes a broader and more detailed approach to the risk assessment model. The author's assumption is that risk is ultimately an attribute of human beings and not of things or concepts. Therefore, system processes (e.g. a model of business processes), as well as input and output and the public are divided into segments, reflecting the complexity of reality more accurately. The approach is described as sufficiently general to allow for its direct application in a large range of simulation approaches and tools. The parameters can be used to define individual processes by using their states for representing the accumulated history of the past processes life cycles. The model includes the functions that calculate new values of parameters and output on the basis of the given input. Based on the provided tolerance levels for risks, impacts, and process parameters, the model determines whether these levels are acceptable for each defined segment of the public. The model assumes that parameters, functions and levels are non-deterministic, i.e. parameters, functions and levels may change in time.

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    Bibliographic Info

    Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

    Volume (Year): 9 (2013)
    Issue (Month): 3 ()
    Pages: 75-94

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    Handle: RePEc:mje:mjejnl:v:9:y:2013:i:3:p:75-94

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    Web page: http://www.mnje.com

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    1. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
    2. Pritsker, Matthew, 2006. "The hidden dangers of historical simulation," Journal of Banking & Finance, Elsevier, vol. 30(2), pages 561-582, February.
    3. Michael B. Gordy, 2002. "A risk-factor model foundation for ratings-based bank capital rules," Finance and Economics Discussion Series 2002-55, Board of Governors of the Federal Reserve System (U.S.).
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