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Risk Assessment Model Respecting Segments Of The Public

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  • Borut Jereb

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.

Suggested Citation

  • Borut Jereb, 2013. "Risk Assessment Model Respecting Segments Of The Public," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(3), pages 75-94.
    • Handle: RePEc:mje:mjejnl:v:9:y:2013:i:3:p:75-94
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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. Pritsker, Matthew, 2006. "The hidden dangers of historical simulation," Journal of Banking & Finance, Elsevier, vol. 30(2), pages 561-582, February.
    3. Gordy, Michael B., 2003. "A risk-factor model foundation for ratings-based bank capital rules," Journal of Financial Intermediation, Elsevier, vol. 12(3), pages 199-232, July.
    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. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
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    Cited by:

    1. Marek Cech & Martin Januska, 2020. "Evaluation of Risk Management Maturity in the Czech Automotive Industry: Model and Methodology," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(55), pages 824-824, August.

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