Formal Matters on the Topic of Risk Mitigation: A Mathematical Perspective

How (in)formal should the classic expression describing risk as the product of hazard, exposure, and vulnerability be considered? What would be the most complete way to describe the process of risk mitigation? These are the questions we try to answer here, using a formal, mathematically sound yet abstract description of hazard, exposure, vulnerability, and risk. We highlight the elements that can be affected for the purpose of mitigation and show how this can improve the quantitative assessment of the procedural aspects of risk mitigation, both long- and short-term, down to the timescale of emergency response.