Cyber risks are an important point on the business agenda in every company, but they are difficult to assess due to the absence of reliable data and profound analyses. To improve this situation, we identify cyber losses from an operational risk database and analyze these with methods from the field of actuarial science. Specifically, we apply operational risk models in order to yield consistent...

Quantitative Risk Assessment (QRA) models have already been developed and used to assess various risks of road tunnels, including the societal risk and expected number of fatalities (ENF). Fire in a road tunnel is considered as the most severe disaster in that road tunnel is an enclosed space. The risk assessment for fire in road tunnels involves a number of parameters. Some of these parameters...

We introduce a generalised subgradient for law-invariant closed convex risk measures on L and establish its relationship with optimal risk allocations and equilibria. Our main result gives sufficient conditions ensuring a non-empty generalised subgradient.

We discuss the uniformly asymptotic estimate of the finite-time ruin probability for all times in a generalized compound renewal risk model, where the interarrival times of successive accidents and all the claim sizes caused by an accident are two sequences of random variables following a wide dependence structure. This wide dependence structure allows random variables to be either negatively d...

drilling operations are exposed to a variety of hazards, some of which may be location and activity dependent and each could pose different risk from different paths.  drilling operation may be vulnerable to hurricanes in one region and be exposed to geohazards in another. however, there are other hazards, (e.g. corrosion, age degradation, poor maintenance), which equally affects every rig. ide...

The objective of this article is to discuss the potential of economic analysis as a tool for identification and evaluation of corruption in legislative acts. We propose that corruption be perceived as a risk variable within the legislative process. Therefore we find it appropriate to employ risk analysis methods, used in various fields of economics, for the evaluation of corruption in legislati...

In the last two decades, the failure of multiple engineering projects has highlighted the importance of adopting risk management practices. While risk identification and risk assessment have been widely studied in the literature, only few authors have proposed formal tools for helping project managers to evaluate the effectiveness of their risk response plan. While some risk response measures m...

Privacy risk assessments aim to analyze and quantify the privacy risks associated with new systems. As such, they are critically important in ensuring that adequate privacy protections for individual users are built in. However, current methods to quantify privacy risk rely heavily on experienced analysts who pick the"correct"risk level on a five-point scale. In this paper, we argue that a more...