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In financial terms, quantitative risk assessments include a calculation of the single loss expectancy of monetary value of an asset. In the chemical process and petrochemical industries a QRA is primarily concerned with determining the potential loss of life (PLL) caused by undesired events. Specialist software can be used to model the effects ...
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
Financial risk modeling is the use of formal mathematical and econometric techniques to measure, monitor and control the market risk, credit risk, and operational risk on a firm's balance sheet, on a bank's accounting ledger of tradeable financial assets, or of a fund manager 's portfolio value; see Financial risk management.
Quantitative analysis is the use of mathematical and statistical methods in finance and investment management. Those working in the field are quantitative analysts (quants). Quants tend to specialize in specific areas which may include derivative structuring or pricing, risk management, investment management and other related finance ...
Probabilistic risk assessment. Probabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). [1 ...
Risk analysis is the process of identifying and assessing risks that may jeopardize an organization 's success. It typically fits into a larger risk management framework. Diligent risk analysis helps construct preventive measures to reduce the probability of incidents from occurring, as well as counter-measures to address incidents as they ...