A Formalised Approach to the Management of Risk: Process Formalisation

Brownsword, Mike and Setchi, Rossitza ORCID: https://orcid.org/0000-0002-7207-6544 2011. A Formalised Approach to the Management of Risk: Process Formalisation. International Journal of Knowledge and Systems Science 2 (3) , pp. 63-80. 10.4018/jkss.2011070105

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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.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Engineering Research Institutes & Centres > Centre for Advanced Manufacturing Systems At Cardiff (CAMSAC)
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Publisher:	IGI Global
ISSN:	1947-8208
Last Modified:	06 Jul 2023 10:12
URI:	https://orca.cardiff.ac.uk/id/eprint/14357

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