Incorporating risk into business process models

Abstract

<para xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> Although business process modeling is considered as a core activity in enterprise risk management, existing process modeling languages do not include a complete notation for documenting how processes can fail. This paper develops a conceptual framework for extending standard business process metamodels to include comprehensive information that is useful for managing and quantifying operational risk in business processes. We provide formal extensions of the Business Process Modeling Notation standard, as well as a step-by-step process for creating a risk-extended process model. </para>