23 Chapter 2-x 0.4 0.3 0.2 0.1 0 0 0 −2 −2 2 2 1 1 1.5 1.5 5 4 3 2 1 0 Evaluation through simulation-based techniques with potential implementation of surrogate modelling Risk consequence measure for specific excitation and system configuration Uncertainty in Risk Quantification Risk Estimation Risk ( )( ) h p d Θ = ∫ θ θ θ ( ) h θ θ θ θ θ θ θ { , , , }: ( ) = f m c i p N q = Risk ( ) 1 1 ( ) ( ) j N j j j p h ≈ ∑ θ θ θ θ θ ( ) j q  Authors: Demos Angelides Yiannis Xenidis Nick Bassiliades Eva Loukogeorgaki Alexandros T afanidis Dimitris Vrakas Stella Arnaouti Georgios Meditskos 2 The Development of a New Framework for Managing Risks in the European Industry: The IRIS RISK PARADIGM Motivation Risk assessment has been performed in a fragmented way creating problems with interfaces and quantifcation. A consistent methodology for risk quantifcation is required. Main Results The new IRIS Risk Paradigm provides a conceptual framework for consistent harmo- nized risk assessment and quantifcation.