Perspectives on Risk Management

Emmanuel Somers

Risk Analysis, 1995, vol. 15, issue 6, 677-684

Abstract: The development of the techniques of risk assessment and management are considered, noting the early emphasis on quantitative approaches. The basic strategies available to governments for risk management—educational, economic, and regulatory—are discussed. Six specific issues are considered with reference to the Canadian experience and the lessons learned. These are: the separation of risk assessment from risk management; the uncertainties of science; the weakness of numerical comparisons; too great a trust in education; the Great White Father Syndrome; and regulatory perils. This examination shows a number of inadequacies in the application of risk management techniques. It is suggested that knowledge of the limitations of quantitative assessment in its application to decision‐making together with the involvement of those affected by the risk in the decision‐making processes will lead to greater success.

Date: 1995
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https://doi.org/10.1111/j.1539-6924.1995.tb01339.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:15:y:1995:i:6:p:677-684

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