Monte-Carlo Simulation with Risk Kit

59 Pages Posted: 5 May 2011 Last revised: 20 Apr 2021

See all articles by Uwe Wehrspohn

Uwe Wehrspohn

Wehrspohn GmbH & Co. KG; University of Wuerzburg

Sergey Zhilyakov

Wehrspohn GmbH & Co. KG

Date Written: April 20, 2021


Monte-Carlo simulations play an increasing role in finance, social sciences and risk management. Monte-Carlo simulations are a generic technique to estimate the distributions of arbitrary target quantities in complex environments.

However, to use Monte-Carlo methods in practice is often subject to severe difficulties such as the need to draw random variates, to program a model and to evaluate the simulation results. This requires the handling of advanced mathematical methods as well as of modern computer technology.

Risk Kit is a tool for the fast and easy development of risk analyses and Monte-Carlo simulations. It provides the components of quantitative risk management and allows linking them in a simple and intuitive way to complete models and risk analyses. Risk Kit enables many users for the first time to do quantitative risk analyses and Monte-Carlo simulations. It accelerates the development time many times over as compared to conventional approaches.

All Risk Kit functions can be integrated in spreadsheet analyses as Microsoft Excel cell-functions. Moreover, Risk Kit functions can be called from VBA or the .NET programming language. This way Risk Kit can be integrated in a production environment.

This document describes how to perform Monte-Carlo simulations and risk analyses with Risk Kit.

Risk Kit is free for students and researchers at academic institutions.

Keywords: Monte-Carlo simulation, rapid prototyping, risk management

Suggested Citation

Wehrspohn, Uwe and Zhilyakov, Sergey, Monte-Carlo Simulation with Risk Kit (April 20, 2021). Available at SSRN: or

Uwe Wehrspohn (Contact Author)

Wehrspohn GmbH & Co. KG ( email )

Otterstadter Str. 50
Mannheim, 68219
062114626754 (Phone)


University of Wuerzburg ( email )

Sanderring 2
Wuerzburg, Bavaria 97070
+49 (0)931 / 3184806 (Phone)
+49 (0)931 / 312 95 5 (Fax)


Sergey Zhilyakov

Wehrspohn GmbH & Co. KG ( email )

Spiegelstraße 39
Mannheim, D-68305


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