Publications Details

An open framework for risk management

Craft, R.

Risk assessment methodologies are ready to enter their third generation. In this next generation, assessment will be based on a whole system understanding of the system to be assessed. To realize this vision of risk management, the authors have begun development of an extensible software tool kit. This tool kit breaks with the traditional approach to assessment by having the analyst spend the majority of the assessment time building an explicit model that documents in a single framework the various facets of the system, such as the system`s behavior, structure, and history. Given this explicit model of the system, a computer is able to automatically produce a standard assessment products, such as fault trees and event trees. This brings with it a number of advantages relative to current risk management tools. Among these are a greater sense of completeness and correctness in assessment results and the ability to preserve and later employ lessons learned.