Digital Experience: How to Find a Tool for Evaluating Business Economic Risk

Abstract

Risk evaluation includes not only quantitative or qualitative assessment but the choice of action that depends on the risk event. The paper highlights key research in the field of risk assessment from 1921 to the present day. The suggested concept of business eco-nomic risk evaluation is substantiated using the criterion of information accessibility. One group of assessment techniques is based on statistical analysis, namely insolvency risk assessment models combined with a group of probabilistic ones. The alternative group includes all techniques that differ from the accumulated data analysis (STAR - Strategic Technology Assessment Review, HAZOP   Hazard and Operability Study, and FMEA   Fail-ure Mode and Effects Analysis qualitative assessments). Scenario, list, and analogies techniques (SWIFT   Structured What If Technique, HACCP   Hazard Analysis and Critical Control Points, RCA   Root Cause Analysis, BOWTIE, WCS   Worst Case Scenario) are more accurately characterized as an evaluation of conditions and consequences of eco-nomic risks. Based on the advantages and disadvantages of risk assessment techniques, this study proposed a classification of the tools for evaluating business economic risk and an algorithm for choosing a tool appropriate for the situation based on the available information. The possibility and directions of practical implementation, as well as the ex-isting digital assessment tool products, are shown.

Keywords

• digital experience
• economic risk
• evaluation tool
• qualitative risk assessment
• quantitative risk assessment