Risikos

Risikos is a term used in risk studies to denote the composite set of potential adverse outcomes and their probabilities within a defined system. It serves as a conceptual umbrella for describing how multiple risk factors interact to shape overall exposure.

Etymology and scope: Risikos is a neologism formed by combining risk with a plural-like suffix -os; its use is mostly found in academic and practitioner literature in Europe and North America since the late 20th century. It is not a standardized term in formal risk frameworks, where terms like "risk landscape" or "risk profile" are more common.

Methodology: A Risikos analysis typically involves identifying risk drivers, measuring exposure and vulnerability, and characterizing consequences. Methods may include qualitative assessments, quantitative probabilities, Monte Carlo simulations, and scenario analysis to explore interactions among factors.

Applications: It is used in corporate risk management, policy planning, disaster risk reduction, and educational contexts to teach systems thinking about risk. The approach emphasizes both the magnitude of potential losses and the likelihood of their occurrence.

Limitations: Because Risikos is not universally defined, comparisons across studies can be challenging. Model outcomes depend on data quality, assumptions about dependencies, and the chosen aggregation rules.

See also: Risk assessment, Risk landscape, Uncertainty, Scenario analysis.