Pure mathematics

Risk management

Mathematics

Risk assessment

Risk analysis (engineering)

Engineering

Political science

Management

Economics

Data science

Foundation (evidence)

Computer science

Management science

Field (mathematics)

Computer security

Engineering ethics

Medicine

European Journal of Operational Research

Risk assessment and management was established as a scientific field some 30–40 years ago. Principles and methods were developed for how to conceptualise, assess and manage risk. These principles and methods still represent to a large extent the foundation of this field today, but many advances have been made, linked to both the theoretical platform and practical models and procedures. The purpose of the present invited paper is to perform a review of these advances, with a special focus on the fundamental ideas and thinking on which these are based. We have looked for trends in perspectives and approaches, and we also reflect on where further development of the risk field is needed and should be encouraged. The paper is written for readers with different types of background, not only for experts on risk.

Risk assessment and risk management: Review of recent advances on their foundation