RM/RA CRAMM as the new quantitative method for risk management

Abstract

Purpose – The aim of this paper is to introduce new risk management method based on quantitative approach. RM/RA CRAMM was designed by Slovak researchers as user-friendly method for Public institutions dealing with risk management, crisis planning, civil protection. It has a multipurpose use. Design/methodology/approach – Three-phase procedure is introduced, including risk identification, analysis and evaluation. The case-study of risk assessment as an example of the application is included. Findings – Quantitative methods in risk management are rare due to the complex of factors influencing the risks being assessed. Research limitations/implications – A complex Area/Location risk assessment needs number of exact values and estimations for proper risk identification. Team-work is very welcomed but not necessary. Practical implications – Practical value of the method is incredible due to its applicability on the wide range of the research fields related to the risk management. Originality/Value – The method introduced is an original product of Slovak team of researchers led by author of this paper. Keywords: RM/RA CRAMM, risk management, risk assessment, quantitative, single equation method, case study. Research type: case study. JEL classification: C20 – General.