Risk Management and Governance

Concepts, Guidelines and Applications

By: Ortwin Renn, Terje Aven

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Hardcover | 30 September 2010

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292 Pages

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24.4 x 16.6 x 2.3

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Risk is a popular topic in many sciences - in natural, medical, statistical, engineering, social, economic and legal disciplines. Yet, no single discipline can grasp the full meaning of risk. Investigating risk requires a multidisciplinary approach. The authors, coming from two very different disciplinary traditions, meet this challenge by building bridges between the engineering, the statistical and the social science perspectives. The book provides a comprehensive, accessible and concise guide to risk assessment, management and governance. A basic pillar for the book is the risk governance framework proposed by the International Risk Governance Council (IRGC). This framework offers a comprehensive means of integrating risk identification, assessment, management and communication. The authors develop and explain new insights and add substance to the various elements of the framework. The theoretical analysis is illustrated by several examples from different areas of applications.

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"Interdisziplinare Einfuhrung in das Risikomanagement. ... Die Autoren schlagen eine Brucke zwischen beiden Lagern und leiten daraus interessante Folgerungen fur Unternehmen ab. ... Ein Augenmerk liegt auf der Risikokommunikation." (in: Managementcompass, September/2011, S. 25)

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Introduction: Concept of Risk	p. 1
The Multidimensionality of Risk	p. 1
Definitions of Risk	p. 2
Overview	p. 2
Risk Defined as an Event Where the Outcome Is Uncertain	p. 3
New Risk Definition	p. 8
Implications for Risk Perception	p. 9
Normative Implications	p. 11
Classification of Risk Problems	p. 12
Social Constructivism Versus Realism	p. 14
Characteristics of Risks in the Modern World	p. 17
New Challenges to Risk Governance	p. 17
The Emergence of Systemic Risks	p. 18
Risk Perspectives	p. 21
Purpose of a Comparative Review	p. 21
The Technical Risk Perspective	p. 21
The Economic Perspective	p. 28
The Psychological Perspective	p. 32
The Social Science Perspective	p. 34
Cultural Theory of Risk	p. 38
Integrated Perspectives	p. 40
Social Amplification of Risk	p. 41
The Concept of Risk Types According to the WBGU	p. 43
The UK Cabinet Office Approach	p. 47
The Consequence-Uncertainty Framework	p. 48
The Risk Governance Framework of the IRGC	p. 48
Risk Governance: An Overview	p. 49
Key Concept: Governance	p. 49
Definition	p. 49
The "Traditional" Understanding of Risk Governance	p. 50
The New Concept of Risk Governance	p. 53
Motivation and Major Innovations of the Framework	p. 53
Scope of the Framework	p. 54
The Components of the Risk Governance Framework	p. 57
Wider Governance Issues	p. 61
Prerequisites of Good Governance	p. 63
Principles of Good Governance	p. 64
Pre-assessment and Framing of Risk	p. 67
Risk Appraisal	p. 71
Concept of Risk Appraisal	p. 71
Appraising Complexity, Uncertainty and Ambiguity	p. 72
Risk Assessment	p. 75
Generic Steps and Features of Risk Assessment	p. 75
The Meaning of Probabilities in Risk Assessment	p. 76
Statistical Methods: Overview	p. 80
Traditional Statistical Analysis	p. 82
Bayesian Analysis	p. 83
Risk Assessment for Accident Risks	p. 84
Probabilistic Risk Assessments	p. 85
Concern Assessment	p. 93
Concern Classifications	p. 93
Insights into Risk Perception Research	p. 94
Concern Assessment Approaches and Methods	p. 102
A Practical Example: Assessing Risks Related to Social Concerns	p. 102
Risk Characterization and Evaluation	p. 107
Overview of Characterization and Evaluation	p. 107
Risk Characterization	p. 108
Risk Evaluation	p. 112
Cases	p. 114
Pre-defined Risk Tolerability Limits and ALARP	p. 117
Risk Management	p. 121
Objectives of Risk Management	p. 121
Steps of Risk Management	p. 122
Identification and Generation of Risk Management Options	p. 122
Assessment of Risk Management Options with Respect to Predefined Criteria	p. 123
Evaluation of Risk Management Options	p. 124
Selection of Risk Management Options	p. 124
Implementation of Risk Management Options	p. 125
Monitoring of Option Performance	p. 125
Risk-Management Strategies Based on Risk Characteristics	p. 126
Linear (Routine) Risk Problems	p. 126
Complex Risk Problems	p. 127
Risk Problems Due to High Unresolved Uncertainty	p. 128
Risk Problems Due to Interpretative and Normative Ambiguity	p. 129
Managing Interdependencies	p. 130
Risk Management Tools: CBA and Decision Analysis	p. 133
Different Types of Decision Support Tools and Typical Procedures for Their Use	p. 133
Cost-Benefit Analysis	p. 137
Decision Analysis	p. 143
Discussion	p. 155
Risk Communication	p. 159
Introduction	p. 159
Context Matters: Risk Communication in Perspective	p. 160
The Three Levels of Risk Debates	p. 160
The Characteristics of the Audience: Addressing Different Subcultures in Society	p. 163
Different Types of Audiences	p. 165
Responding to Risk Communication Needs	p. 167
Functions of Risk Communication	p. 167
Function 1: Coping with Risk Perception	p. 169
Function 2: Persuasion and Behavioral Change	p. 171
Function 3: Enhancing Trust and Credibility	p. 175
Lessons Learned for Risk Communication	p. 177
Stakeholder and Public Involvement	p. 181
Introduction	p. 181
Coping with the Plurality of Knowledge and Values	p. 183
Review of Participatory Instruments	p. 186
Classification	p. 186
Instruments for the Epistemic Discourse (pool 1)	p. 186
Instruments for the Reflective Discourse (pool 2)	p. 188
Instruments for the Participatory Discourse (pool 3)	p. 190
Synthesis of Components	p. 193
The Model of Cooperative Discourse	p. 194
Structure of the Cooperative Discourse	p. 194
Experiences with the Cooperative Discourse Model	p. 196
Lessons Learned for Stakeholder and Public Involvement	p. 199
Case Study 1: Risk Governance of Nanotechnology	p. 201
Introduction	p. 201
Pre-assessment	p. 201
Risk Appraisal	p. 203
Characterization and Evaluation	p. 205
Risk Management	p. 206
Risk Communication	p. 207
Stakeholder Involvement	p. 208
Overview	p. 208
Integration	p. 209
Inclusion	p. 209
Criteria of Good Governance for Nanotechnologies	p. 210
Conclusions	p. 213
Case Study 2: Cash Depot and Third Party Risk	p. 215
Pre-assessment	p. 215
Risk Appraisal	p. 216
Risk Assessment	p. 216
Concern Assessment and Risk Perception	p. 222
Tolerability and Acceptability Judgement	p. 223
Risk Characterization	p. 223
Risk Evaluation	p. 224
Risk Management	p. 225
Risk Reducing Measures	p. 225
Decision-Making	p. 226
Risk Communication	p. 227
Case Study 3: Year-Round Petroleum Activities in the Barents Sea	p. 229
Pre-assessment	p. 229
Risk Appraisal	p. 229
Risk Assessments	p. 229
Concern Assessment	p. 230
Risk Tolerability and Acceptability	p. 231
Risk Characterization	p. 231
Risk Evaluation	p. 231
Risk Management	p. 232
Risk Reducing Measures	p. 232
Decision Making	p. 232
Risk Communication	p. 233
Discussion	p. 233
Conclusions	p. 235
Appendix	p. 239
References	p. 245
Index	p. 271
Table of Contents provided by Ingram. All Rights Reserved.

Risk Management and Governance

Concepts, Guidelines and Applications

At a Glance

Hardcover

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