Proceedings of the Eighth International Conference on Probabilistic Safety Assessment & Management (PSAM)
Risk-Informed Decision Making: Risk Management
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Risk management is a term, which is used in very different ways today: On the one hand we have technical risks, which are usually related to the issues of Health, Safety & Environment (HSE). There are proven methods to analyze these risks like quantitative fault-tree- and/or event-tree-analysis or qualitative approaches like FMEA. On the other hand, risk from the viewpoint of banks or of insurance companies means mainly the risk of financial loss. These risks can be discussed within the framework of financial mathematics. Finally, a third aspect of risk is external influences, like changing laws, changing markets or —...