A risk register based on the (A,C,U) risk perspective

Abstract

A risk register is simply a collection of risk descriptions. However, most risk registers do not sufficiently capture the background knowledge which the contained risk descriptions are based on. To account for this, the method laid out in Flage and Aven (2009) is further developed. It is extended to a suitable method for evaluating uncertainty factors in the background knowledge of risk descriptions contained in risk registers, constructed in light of the (A,C,U) perspective of risk.

The method provides a “measure” of the background knowledge's consistency with the phenomena, and it is argued that including the evaluation of uncertainty factors and constructing the risk register in light of the (A,C,U) risk perspective allows for, using the risk register as a description of enterprise risk.