The role of decision-making support systems in risk management

Authored by: Manuel Mora , Gloria Phillips-Wren , Fen Wang

The Routledge Companion to Risk, Crisis and Security in Business

Print publication date:  June  2018
Online publication date:  June  2018

Print ISBN: 9781138643109
eBook ISBN: 9781315629520
Adobe ISBN:

10.4324/9781315629520-29

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Abstract

Risk management is the overall process of identifying, analyzing and monitoring risks as well as designing and implementing mitigation strategies for these risks. Risk management as a field of study and practice has permeated other fields including project management, financial investments, hazards management and business continuity management, among others. In this chapter, we introduce and review the characteristics of a set of specialized computer-based systems, called Decision-Making Support Systems (DMSS), as valuable tools to support a risk management process. We also report six illustrative applications of DMSS in several risk management domains. Our aim is to promote the usefulness and value of DMSS to risk managers by providing a brief but well-structured introduction to DMSS, the risk management process, linkage between DMSS and risk management, and applications in various fields.

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