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

TLDR

Risk assessment and management, established 30–40 years ago, remains grounded in foundational principles and methods, yet has evolved through theoretical and practical advances, and this review is intended for both experts and non‑experts. The paper reviews recent advances in risk assessment and management, focusing on the fundamental ideas underlying them. The authors conduct a literature review of recent advances in risk assessment and management. The review identifies emerging trends and highlights areas where further development of the risk field is needed.

Abstract

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.