91 - Risk Governance

Risk is everywhere.

Risk

The possibility that human actions or events lead to consequences that have an impact on what humans value

The Notion of Risk

Asset

Any item or person of value

Risk Assessment

Can be quantitative or qualitative

Identification

Identifying events as outcomes and estimating their impact

Exposure

Aspects of a system open to threats(can be attacked)

Vulnerability

How these targets can be targeted

Risk Management

Decision formed around three outcomes:

  • Intolerable: Too much
  • Tolerable: Reduced risks to an acceptable range
  • Acceptable: Can proceed without risk reduction

Risk management approaches:

  • Risk-based
  • Resilience-based (for risks that will remain)
  • Discourse-based (Communication and conflict resolution, dealing with risks on the fly)

Risk Governance Models

Three models:

  • Technocratic: Decisions informed by science and evidence
  • Decisionistic: Decisions based beyond science alone, like social and economic factors
  • Transparent: Context for decision is considered from many factors like society,science,politics and economics

92 - Risk Management

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