How to create a Risk Model

Risk models are represented using a formal modelling language (RiskML) that allows us to (i) represent risks, their causes and possible effects, (ii) link measures and indicators to risks likelihood, severity and exposure, and (iii) link risk events to business goals to evaluate their impact.

#RiskML Language

The RISCOSS risk modelling language contains the main concepts of Indicator, Situation, **Event ** and Goal. These concepts are characterised by properties, and are linked with each other through relationships. Risks, their assessment and mitigation possibilities, emerge from the interplay of concepts, relations and properties, and are the result of the different analysis types.

##RiskML Metamodel The RiskML meta-model defines the modelling primitives of risk and the interplay between risk, goals and the ecosystem. Situations and events are the core of the meta-model. The evidence to be in a certain situation can be quantified (especially in an OSS context) by means of indicators, which were empirically evaluated or approved by experts and base on measurements of available data. Situations represent the causes for risks to appear, while events represent the manifestation of a risk. Expose, increase, protect and reduce relations from situations (and events) to events quantify the likelihood for an event to occur and the significance of its consequences. Events impact the satisfaction of goals that actors desire to be achieved. This impact may be propagated to other goals, e.g. through i* contribution and decomposition relationships (see How to create a Goal Model).

##RiskML Primitives

#Risk Model persistency