Tag: Risk
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About this page Msc. Risk Analysis Governance Track 2023 – 2025 at UIS
On this page I will share my essays, notes, and summaries on Risk Management during my studies in Stavanger from 2023 to 2025. Join the conversation and let me know your thoughts, if the material was helpful, what’s missing, or if you’d like to add your perspective. #Sharing Is Caring!
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RIS660 Research Methods in Risk, Safety, and Security Studies (Updated 2026)
I’m retaking this course, so I’m writing a new blog post for it. Maybe you have seen the ‘memory castle’ I built first. But it was actually more cumbersome to use than practical. So I decided to replace it with an Exam trainer using ClaudeAI on the backend. Good luck 🙂 RIS660 Exam Trainer Msc.…
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Latest Frameworks for Assessing Strength of Knowledge (SoK) in Risk Analysis: Academic Insights and Practical Methods
Modern risk definitions recognise that risk isn’t just about probability and consequence; it fundamentally involves uncertainty. This uncertainty can be operationalised through probability (P) and the Strength of Knowledge (SoK) assessments. Within the industry, a risk definition including an aspect of uncertainty has generally been incorporated. ISO 31000, for example, defines risk as “the effect…
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Monte Carlo Simulation Explaind Simply
“Must have experience with Monte Carlo simulation.” I see this line often in risk management job postings. It appears in course descriptions, textbooks, and LinkedIn skill endorsements. Yet, few people actually understand what’s happening. I get it. The mathematics can look complex. But the basic concept is actually not so difficult. Building my own Monte…
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RIS-505 2024 – Autumn Resit Exam – Explanation
This NotebookLM-generated video explains the answers to the first (Autumn) Semester resit exam of 2024.
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RIS-505 – Foundations of Risk Analysis and Risk Science – Video 2
Like I said, I am revisiting the RIS505 course material while trying out new AI tools to see how they have improved and whether they are any good at helping me study. I was really surprised by how well NotebookLM has become. It generated an excellent video. Yet, as always, AI should only be used…
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RIS-505 – Foundations of Risk Analysis and Risk Science – Video 1
I am currently retaking RIS-505 to improve my grade. So I am revisiting the course material while trying out new AI tools to see how they have improved and if they are any good at helping me study. I was really surprised by how well NotebookLM has become. It generated an excellent video. Yet, as…
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OpenRisk – A Free Online Tool for Creating Bowtie Diagrams
Since last summer, I’ve been working with Presight on a new software tool called OpenRisk. It’s basically a web-based platform for creating bowtie diagrams, and after months of testing and improvements, we have launched. So now is the perfect time to share my thoughts on it. Quick Bowtie Refresher For those who haven’t come across…
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Frequently Asked Questions about Risk: Answers to the Most Searched Questions
My keyword research revealed questions about risk management that remain unanswered online. For some of the questions that did have answers, I didn;t fully agree with explanations I found. There where also questions to which I had no idea what the answer was, even after studying and working with safety and risk for over 10…
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7 Risk Management Book Recommendations
I was looking for some new books to read and thought I would take this opportunity to put together a list of the best books on risk management. This list focuses on infotainment books—informative but also fun to read.
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How to make a Traditional Quantitative Risk Matrix from Scratch
Risk matrices are liked because of their simplicity. However, this simplicity comes at a high cost in terms of model error, potentially leading to worse-than-useless decision support. They should therefore be used and constructed with care.
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Thinking Fast and Slow: Where Psychology Meets Risk Management
During my Master’s in Risk Analysis, Daniel Kahneman’s “Thinking, Fast and Slow” was on the recommended reading list. I was surprised, as it is more of a ‘popular’ book than a textbook. But I was also pleased that it was on there. It had been on my reading list for quite some time, and now…
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Reflections on the Third Semester Risk Analysis UIS 2024
The third semester has ended, so it is time to look back and evaluate what was good, what was bad, and what was ugly about the third semester Risk Analysis, Governance track at UIS. AS-302 Arctic Safety at the UNIS It was a great experience, and I am very glad I went on this program.…
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Selecting a Risk Assessment Method for Reputational Risk Management
Reputational risk is complex and often intangible, making it challenging to identify and assess using traditional methods. This complexity necessitates risk identification techniques that can capture uncertainties and provide a comprehensive understanding of potential threats.
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Which Risk Visualisation to Use?
Introduction Risk can be visualised in different ways, each offering unique strengths depending on the decision-making context. Below are 8 risk visualisations and insights on when to use them. 1. Risk Matrix A risk matrix is one of the most common risk visualisation tools, plotting risks in a two-dimensional grid of probability vs. impact. Risks…
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How to make a Safety Bubble Diagram
In contemporary risk science, risk is seen from a broader perspective than just the likelihood and consequences of potential events. Aven 2013 introduces a new way of looking at risk that incorporates not just the probability and consequences, but also the uncertainties related to these consequences and probabilities.
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Beyond Expectations: Visualising Safety Risks in Arctic Environments
Introduction The Arctic environment presents significant challenges for risk management due to its extreme conditions and the accelerating effects of climate change. The Arctic is characterized by very low temperatures, long periods of darkness, rapidly changing weather, and unstable natural phenomena such as glaciers and avalanches (Rainville et al., 2020). Climate change in this region…
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Abstract and Presentation: Visualising Safety Risks in Arctic Environments
The Arctic environment is characterised by extreme conditions and high levels of uncertainty, creating significant safety risks for operations in the region. Risk awareness is critical for managing these safety risks, as decision-makers must be able to assess and respond to rapidly changing circumstances. In this context, effective risk visualization plays a crucial role in…
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RIS505 – Foundations of Risk Analysis and Risk Science – Exam Summary
This blog post aims to provide an overview of the key concepts and methodologies covered in the course RIS505 – Foundations of Risk Analysis and Risk Science at the University of Stavanger (UiS). The summary is divided into six chapters. Risk, probability and related concepts. Definitions of risk Definition 1: The potential for undesirable consequences…
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Prepping for Svalbard
Intro Next semester, I’ll be attending a course called Safety Management in the Arctic, worth 10 credits, offered by the University Center in Svalbard (UNIS). This course runs from August 5th to September 19th, focusing on the challenges and safety protocols necessary for the Arctic environment. I’m looking forward to this course, as the Risk…