A Multidisciplinary Review Into the Evolution of Risk Concepts and Their Assessment Methods

Abstract

Risk is a complex and multi-faceted concept defined and addressed differently across disciplines. Recent years have seen a growing recognition of the need for a more comprehensive and integrated risk perspective combining insights from various disciplines. However, those works have rarely been analyzed in literature reviews. This article explores the possible way of advancing how we assess and manage risks by reviewing the theories, approaches, models, and other fundamental aspects of different disciplines relevant to risk concepts. Additionally, we compare the origins, connections, and differences between state-of-the-art risk science and risk concept research in various disciplines. Some suggestions and future directions are provided for improving risk assessment. This paper helps to deepen the understanding of the risk concept and advance the development of the risk management arena.