Development of a Methodology for Understanding the Potency of Risk Connectivity

Abstract

The Strategic Risk Register System (SRRS) is proposed by the writers as a practical methodology to enable the connectivity of risks to be elicited and evaluated so that the most potent risks in a system can be identified. The SRRS methodology builds on the impact × likelihood paradigm by introducing a connectivity matrix to modify traditional risk registers and uses graph theories to depict the relations between risks. Several techniques are employed to visualize and interpret the significance of the results. A case study is used to demonstrate how the SRRS works in practice. This paper builds on the 3-year research program called