Risk quantification

{
  "id": "MLC-T-INS-002982",
  "term": "Risk quantification",
  "field": "Insurance and risk management",
  "definition": "The process of assigning numerical values to the probability and impact of identified risks. This involves using statistical methods, historical data, and modeling techniques to express potential losses in monetary terms or on a numerical scale. Common outputs include Value at Risk (VaR) figures, expected loss calculations, and probability distributions for specific risk events.",
  "url": "https://mlchart.com/terminology/insurance/risk-quantification/"
}