Developing risk models for complex systems

Disasters are more likely to occur when systems are not thoroughly analyzed. Several recent disastrous events have elucidated the consequences of not performing rigorous risk assessments and/or not eliminating or mitigating the vulnerabilities found. This paper discusses two risk assessment techniques that can aid in identifying complex system vulnerabilities. The topics discussed are development of a risk framework, Failure Mode and Effect Analysis and Event Tree Analysis. Examples of each of these topics are presented.