Quantitative Risk Management
From Open Risk Manual
Quantitative Risk Management (QRM) is a set of conceptual frameworks, tools and practices that apply predominantly (but not exclusively) quantitative (numerical / data driven) techniques to the discipline of Risk Management, most prominently in Risk Measurement (the application of risk models for the quantification of risk.
Quantitative Risk Management is particularly prevalent in the management of Insurance Risk, Credit Risk and Market Risk, especially in the financial services industry but there are also significant examples in other domains. The tools used in QRM are denoted Quantitative Risk Models.
Applications of QRM may also include other aspects of risk management (Risk Identification and Risk Mitigation)