Rethinking risk management fundamentals. A conceptual proposal based on uncertainty and complexity
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Associacao Iberica de Sistemas e Tecnologias de Informacao
Risk management is a consolidated management practice in modern organizations. Advancing this exercise allows companies to establish benchmarks for action that enable them to advance in the development of their business strategies. For this purpose, two approaches to its management have been widely used: probability vs impact and frequency vs severity. Each of them, allows an agile and concrete way to attend generally known adverse events, in order to treat them. Now in a volatile, uncertain, complex and ambiguous context, risk management must evolve and form a different way of responding to the instability of the business environment. In this sense, an alternative approach based on uncertainty and complexity is proposed as a way to attend to those latent and unknown threats and to tune in the approaches previously mentioned, in order to prepare the organization to advance even in uncertain situations to achieve its business objectives. © AISTI 2016.
Business , Complexity , Probability , Risks , Uncertainty