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Objectification of Subjective Risk Assessments

In: Modern Finance and Risk Management Festschrift in Honour of Hermann Locarek-Junge

Author

Listed:
  • Lars Hengmith
  • Sophia Licht

Abstract

Risk quantification in enterprises often is based on a large degree of subjectivity. While subjectivity is necessary to get all the relevant information and to assess the complex risk situation, it might lead to problems when risks are compared, aggregated and control measures are derived based on the risk assessment. We developed a methodology to reduce subjectivity by systematically combining opinions of several experts.

Suggested Citation

  • Lars Hengmith & Sophia Licht, 2022. "Objectification of Subjective Risk Assessments," World Scientific Book Chapters, in: Tony Klein & Sven Loßagk & Mario Straßberger & Thomas Walther (ed.), Modern Finance and Risk Management Festschrift in Honour of Hermann Locarek-Junge, chapter 10, pages 219-245, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800611917_0010
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