There are many methods and scientific research approaches where modeling and understanding on how individuals evaluate natural origin risks. Despite the proficiency and depth of such studies, we evidenced a lack for a holistic approach where the most influencing factors in the individual decision-making process were covered. This research seeks to understand what those factors are, how they relate to each other, and how the behave with respect to individual perception and acceptance of risk. For this, we performed a thorough literature review covering the last decade in relation with the understanding of how these incidence factors affected the perception and acceptance of risk in the communities exposed to volcanic events under the decision-making process. Our research was able to detect how the identified variables influenced each other in this process. We analyzed different study cases found in the literature and, additionally, we propose as a further research a new theoretical approach related to decision-making modeling process under dynamic system that would be valuable as a contribution to risk management.