When the probability of a Catastrophic Risk to materialize is small.. Actually I mean very very small.. The event is theoretically possible but the probability of it happening is so small that it may not have happened before (at least in human recorded memory). In such a case, the tendency of most people and of the organizations employing them, will be simply to ignore these low probability / very high impact Risks.
Archives For Risk Assessment Models
The Fraud Risk
With so many fraud cases making the news headlines on a regular basis, the economic and social impact of fraudulent behaviors cannot no longer be downplayed by governments and organizations. The question is, what can be done to deal with this issue effectively. First we need clarify what we are talking about Continue Reading…