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Individual measures
In this very first stage, risk prioritization is established through a process in which the probabil-
ity of the risk event and the consequence of the relevant risk’s occurrence are used to create a
risk factor. Accordingly this risk prioritization application may be seen as an elimination proc-
ess in which relative importance and impact of each risk is calculated to exclude the irrelevant
risks from a pool of risks. In this simple stage of risk prioritization the interactions between
risks are not taken into consideration.
An example for this type may be a simple supply chain risk assessment and evaluation
process in which the risk in the extended supply chain is tried to be identified through prioriti-
zation among different types of risks such as; supply risks, operational risks, demand risks, se-
curity risks, macro risks etc. In this example - assuming a supply chain is vulnerable to many
risks - the risks to which supply chain is most vulnerable are tried to be identified (Manuj and
Mentzer, 2008:133-155).
Composite Measures
This stage constitutes a big leap in risk assessment and risk prioritization as we start to move
along categories of composite measures, the existence of a relationship between risks and the
strength of the relationships are gradually more and more elaborated. This characteristic is piv-
otal in 21st century’s risk assessment as the systemic nature of risk requires an ongoing and it-
erative risk assessment procedure.
ET21 was created in order generate better linkages between the research activity of faculty and
those of students, creating a better prepared and educated cohort of graduates able to compete in
the global marketplace for jobs. By developing a long-term partnership with the programs,
funds and specialized agencies of the United Nations, several national governments, as well as
partner institutions across the globe, ET21 enlarges DGA’s global network of linkages. Current
initiatives involving partner institutions that have recently been initiated but would be housed
under the new Center’s rubric, for example, include Kassel (Germany), Koeceli (Turkey), Sci-
ences Po (France), Viadrina am Oder (Germany) and the University of Warwick (UK).
ET21 is housed under the Division of Global Affairs (DGA) at Rutgers University, Newark.
The growing prominence and prestige of the DGA as a premier interdisciplinary research-
oriented policy program have allowed it to establish itself as a center of excellence in the field
of global affairs, worldwide.
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