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Risk Governance: Biases, Blind Spots and Bonuses (Routledge Contemporary Corporate Governance)
by Elizabeth SheedyBiases, blind spots and bonuses (or incentives more broadly) have led to numerous risk management disasters. Risk governance is a potential solution to these problems yet is not always as effective as we would like it to be. One reason for that is the current dearth of risk governance expertise. This book seeks to address this issue, providing: Understanding of the fundamental forces that cause disasters: the biases, blind spots and bonuses. This understanding is drawn from the disciplines of economics/finance and psychology; Explanation of the structures of risk governance and common challenges experienced in their use e.g. board risk committee, risk/compliance function, assurance function, risk appetite statement, risk disclosures; Thorough investigation of risk culture and its importance in risk governance, including the assessment of risk culture; Understanding of the mechanisms of executive compensation and how they link to risk management – one of the most difficult challenges confronting both risk and remuneration committees; Explanation of the risk management process (based on international standards ISO31000), including practical guidance on risk communication, analysis and treatment; Guidance on the management of strategic risk, emphasising the importance of scenario analysis; Application of these principles to cyber risk, climate risk – two pervasive risks affecting almost every organisation; Numerous case studies and examples drawn from various industries around the world; and Discussion of what has been learned about risk governance from the COVID-19 experience. The book is an essential guide for postgraduate students; participants in professional education programs in governance and risk management; directors; senior executives; risk, compliance and assurance professionals as well as conduct and prudential regulators worldwide.
Risk Inequality and Welfare States: Social Policy Preferences, Development, and Dynamics (Cambridge Studies in Comparative Politics)
by Philipp RehmThe transformation of night-watchman states into welfare states is one of the most notable societal developments in recent history. In 1880, not a single country had a nationally compulsory social policy program. A few decades later, every single one of today's rich democracies had adopted programs covering all or almost all of the main risks people face: old age, sickness, accident, and unemployment. These programs rapidly expanded in terms of range, reach, and resources. Today, all rich democracies cover all main risks for a vast majority of citizens, with binding public or mandatory private programs. Three aspects of this remarkable transformation are particularly fascinating: the trend (the transformation to insurance states happened in all rich democracies); differences across countries (the generosity of social policy varies greatly across countries); and the dynamics of the process. This book offers a theory that not only explains this remarkable transition but also explains cross-national differences and the role of crises for social policy development. Directly speaks to the role of crises for social policy development. Avoids overly complex statistical modeling, and most empirical evidence is presented in the form of easily understood bi-variate scatterplots. Pays serious attention to micro-level behavior to derive macro-level implications.
Risk Management: How to Assess, Transfer and Communicate Critical Risks
by Antonio Borghesi Barbara GaudenziThe increasingly risky environment in which companies operate is characterized by a rising number of risk components, factors, sources, and drivers. The identification, evaluation, and management of these risks require the capability to coordinate various skills within a company and in upstream and downstream relationships. This handbook provides an integrated approach to the assessment, transfer, and communication of critical risks and highlights emerging methodologies that can help to protect businesses from adverse events and their effects. It explains how different risk management perspectives should be combined, and in particular how the corporate governance vision should be integrated with the perspectives of operations management, financial management, and business continuity management. In this sense the handbook provides concrete directions on how to develop a risk management team and culture, taking into account business challenges and employing appropriate managerial tools.
Risk Management: Insights from Different Settings (Risk, Governance and Society #20)
by Philip Shrives Monika Wieczorek-Kosmala Cristina Florio Philip Mark LinsleyThis volume offers new, convincing empirical evidence on topical risk- and risk management-related issues in diverse settings, using an interdisciplinary approach. The authors advance compelling arguments, firmly anchored to well-accepted theoretical frameworks, while adopting either qualitative or quantitative research methodologies. The book presents interviews and surveys with risk managers to gather insights on risk management and risk disclosure in practice. Additionally, the book collects and analyzes information contained in public reports to capture risk disclosure and perceptions on risk management impacts on companies’ internal organization. It sheds light on financial and market values to understand the effect of risk management on actual and perceived firm’s performance, respectively. Further, it examines the impacts of risk and risk management on society and the economy.The book improves awareness and advances knowledge on the complex and changeable risk and risk management fields of study. It interweaves among topical, up-to-date issues, peculiar, under-investigated contexts, and differentiated, complementary viewpoints on the same themes. Therefore, the book is a must-read for scholars and researchers, as well as practitioners and policy makers, interested in a better understanding of risk and risk management studies in different fields.
Risk Management and Corporate Governance (Routledge Advances in Management and Business Studies)
by Abol Jalilvand A. G. MalliarisThe asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board’s monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as "compensation", "audit", "strategy" and several others, "risk management" committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm. Risk Management and Corporate Governance allows academics and practitioners to assess the state of international research in risk management and corporate governance. The chapters overlay the areas of risk management and corporate governance on both financial and operating decisions of a firm while treating legal and political environments as externalities to decisions undertaken.
Risk Management in Outer Space Activities: An Australian and New Zealand Perspective (Space Law and Policy)
by Maria A. Pozza Joel A. DennerleyRisk Management in Outer Space Activities assesses selected risks associated with space activities, from an Australian and New Zealand perspective. The book explores the rise of commercial space activities and considers the development of Australia and New Zealand’s regulatory frameworks, and how they are equipped to address new and emerging risks in the space sector.The book examines the juxtaposition of international space law against the domestic legal regimes of Australia and New Zealand, and how these regulatory frameworks are designed to create governance mechanisms to control space risk. Both national jurisdictions approach space risk from the perspective of liability and international legal obligations, but as a result of their different historical space trajectories, their risk approaches differ. This is illustrated by research that suggests that from an Australian point of view, much of its space industry development has been influenced by Cold War era military and national security concerns. On the other hand, the New Zealand perspective is grounded on the rapid market-led commercial development that is currently underway in the country.The book examines a variety of risks that can and do emerge in the course of undertaking space activities. It does this by presenting a series of space risk case studies. There are chapters devoted to examining commercial space risks, space insurance, the risks posed by space debris, cybersecurity and space assets, light pollution as a risk for astronomy and the risks inherent in landing objects on the Moon. The work contained in this book is intended to provide a clear, practical and informed approach to understanding risk management in outer space activities. It will appeal to policy makers, risk professionals, space lawyers, national space agencies as well as academics, researchers and students
Risk Management in Port Operations, Logistics and Supply Chain Security (Lloyd's Practical Shipping Guides)
by Khalid Bichou Michael Bell Andrew EvansRisk Management in Port Operations, Logistics and Supply Chain Security is the first book to address security, risk and reliability issues in maritime, port and supply chain settings. In particular this title tackles operational challenges that port, shipping, international logistics and supply chain operators face today in view of the new security regulations and the requirements of increased visibility across the supply chain.
Risk Management in Small and Medium Enterprises (Routledge-Giappichelli Studies in Business and Management)
by Chiara CroviniThis book offers a fresh method of assessing and managing risks in SMEs, by adopting a multidisciplinary approach. In small and medium companies, the risk management process cannot be often formalised and procedures are usually integrated unconsciously into the decision-making process. Therefore, to enhance the flexibility of these companies, increase their market share and allow them to grow and manage risks more effectively, the first step is to improve the way decisions are made. Consequently, it is fundamental for those companies to improve the awareness about the way reasonable decisions are made, which can be achieved only through a proper knowledge and the definition of the Risk Appetite Framework. Therefore, by improving knowledge, the risk appetite and awareness in the decision making, companies will implicitly start developing a risk consciousness, which can be translated into a sound risk approach. SMEs need to understand the importance of an effective internal control system. Hence, the central point is the necessity to start reconsidering the company as a unique entity, by adopting a holistic approach. The book explores whether small and medium companies should adopt a formalised risk management process and, more importantly, the role that the development of an appropriate risk mindfulness and approach to expand existing functions plays in these entities. It suggests an appropriate way of thinking about risk, starting with the amalgamation of both past and present theories, and enabling SMEs to find a solution to improve the effectiveness of their risk management strategies.
Risk Management in Social Work: Preventing Professional Malpractice, Liability, and Disciplinary Action
by Frederic G. ReamerThis new text is based on Frederic G. Reamer's key reference for practitioners, Social Work Malpractice and Liability: Strategies for Prevention. Rooted in his own experiences as an expert witness in court and licensing board cases, the volume introduces the concepts of negligence, malpractice, and liability before turning to the subject of risk management. Reflecting on recent legal cases and research, Reamer identifies a variety of problems in the social work field relating to privacy and confidentiality, improper treatment and delivery of services, impaired practitioners, supervision, consultations and referrals, fraud and deception, and termination of service. He also explores the unprecedented ethical challenges created by new digital technologies—such as online counseling, video counseling, and practitioners' use of social networks and social media—and describes current issues relating to HIPAA compliance and access to electronic health records (EHR) and health information exchanges (HIE).He concludes with practical suggestions for social workers named as defendants in lawsuits and respondents in licensing board complaints.
Risk Management in Social Work
by Frederic G. ReamerIntroduces the concepts of negligence, malpractice, and liability before turning to the subject of risk management
Risk Management of Less Lethal Options: Evaluation, Deployment, Aftermath, and Forensics
by R.T. Wyant Thomas BurnsForce used to quell out-of-control demonstrations or detain unruly individuals can result in litigation and bad press for law enforcement agencies. Injury or loss of life can best be avoided if agencies have accurate knowledge and proper training in less lethal options. Risk Management of Less Lethal Options: Evaluation, Deployment, Aftermath, and
The Risk of Discrimination in the Digital Market: From the Digital Services Act to the Future (SpringerBriefs in Law)
by Sara TommasiThe book starts with an analysis of what is new in the Digital Services Act. The aim is to see whether this new Regulation is appropriate both for not halting technological innovation and for addressing the risks that technological innovation poses to society and to the people who use digital services. The focal point is the risk of discrimination as people are often helpless in the face of the potential discriminations in the digital services sector. In particular, the book analyses how the Digital Services Act can make a concrete contribution to the protection against discrimination. To this end, it focuses on the responsibility of digital service providers and the fact that discrimination may also depend on the way in which algorithms and artificial intelligence systems are used. Therefore, a comparison is made between the Digital Services Act and the proposed Artificial Intelligence Act. The comparison discloses that the risk-based approach is the common thread followed by the EU in regulating the digital market. The book elaborates also on the practical implications of the risk-based approach. Highlighting advantages and limitations leading the author to conclude that the risk-based approach is the way forward only if the differences between risk and danger, the limits of law, and the limits of the tendency to humanise artificial intelligence systems are considered. With specific reference to the risk of discrimination, the need for a systemic and multi-level approach is highlighted, which reinforces the contribution that can be made not only by the Digital Services Act, but also by more general and cross-cutting legislation as those on data protection and unfair commercial practices.
The Risk of Water Conflicts in Aotearoa-New Zealand: Emergence and Intensification
by Adan E. SuazoThis book focuses on water disputes in New Zealand: a country where such conflicts are assumed to be non-existing. Rarely are water disputes examined in areas where water resources abound, and where the political framework that governs their access and use is strong. Environmental security literature has devoted a significant amount of attention to the nexus between resource abundance and conflict. Important research has assessed this relationship by focusing on non-renewable resource wealth as a causal determinant of conflict, but little is known about the conditions that influence the emergence and intensification of conflict in water abundant environments. By most accounts, New Zealand is one of the most water-rich countries in the world. Even though violent conflict over water does not normally materialize in New Zealand, conflicts and incompatible claims motivated by water bottling, the growth of some types of agriculture, tourism, and water treatment strategies, continue to surface. Little, however, is known about how and why these conflicts emerge and intensify in a country such as New Zealand. To address this lacuna, this project asks the following research question: How and why does the commercialization of freshwater influence the emergence and intensification of hydropolitical conflict in New Zealand? This study presents two central arguments. First, that the introduction of a commercial enterprise motivates the emergence of hydropolitical conflict intentionality if the enterprise is incompatible with the interests of local communities. And second, hydropolitical conflict risk intensifies in accordance with the level of trust that communities pose upon the approval and appeals process that supports a commercial operation. To test these arguments, this study examines the effects of water bottling and water chlorination on the towns of Ashburton (Canterbury) and Glenorchy (Otago), by employing a tripartite analysis comprised, first, of a conflict intentionality and engagement assessment, second, of a comparative case study analysis, and third, of a conflict intentionality classification. The data suggests that hydropolitical conflict risk is low when communities trust the approval and appeals process behind any given commercial operation. Water-based conflict risk however is likely to escalate when local communities lose trust in the above processes and the institutions that administer them.
Risk Perception, Culture, and Legal Change: A Comparative Study on Food Safety in the Wake of the Mad Cow Crisis
by Matteo FerrariThis study explores the reasons behind the different responses of the legal systems of Europe, Japan and the USA in coping with BSE, one of the major food safety crises in recent years. Making reference to the most recent advances on risk perception that cognitive and social sciences, such as legal anthropology and sociology of law, have experimented with, Risk Perception, Culture, and Legal Change examines the role that culture plays in moulding the process of legal change. Attention is focused on the regulative frameworks implemented to guarantee the safety of the food chain against the BSE menace and on the liability responses sketched to compensate the victims of mad cow disease, showing how both these elements have been influenced by the cultural context within which they are situated.
Risk, Power and the State: After Foucault
by Magnus HörnqvistRisk, Power and the State addresses how power is exercised in and by contemporary state organisations. Through a detailed analysis of programmatic attempts to shape behaviour linked to considerations of risk, this book pursues the argument that, whilst Foucault is useful for understanding power, the Foucauldian tradition – with its strands of discourse analysis, of governmentality studies, or of radical Deleuzian critique – suffers from a lack of clarification on key conceptual issues. Oriented around four case studies, the architecture of the book devolves upon the distinction between productive and repressive power. The first two studies focus on productive power: the management of long-term unemployment in the public employment service and cognitive-behavioural interventions in the prison service. Two further studies concern repressive interventions: the conditions of incarceration in the prison service and the activity of the customs service. These studies reveal that power, as conceptualised within the Foucauldian tradition, must be modified. A more complex notion of productive power is needed, which covers interventions that appeal to desires, and which govern both at a distance and at close range. Additionally, the simplistic paradigm of repressive power is called into question by the need to consider the organising role of norms and techniques that circumvent agency. Finally, it is argued, Foucault's concept of strategies – which accounts for the thick web of administrative directives, organisational routines, and techniques that simultaneously shape the behaviour of targeted individuals and members of the organisation – requires an organisational dimension that is often neglected in the Foucauldian tradition.
Risk Regulation in Non-Animal Food Imports
by Francesco Montanari Veronika Jezsó Carlo DonatiThis Brief aims at providing a general understanding of the rationale - scientific as well as political - behind EU policy and related risk management decisions in the area on non-animal food imports. Lately, various menaces associated with imported food and feed of non-animal origin appeared in the media: imported sprout seeds contaminated with E. coli, strawberries containing hepatitis A or noro viruses, to name but a few, are now as much discussed as the different well-known meat scandals. The authors explain the reinforced official controls at EU borders on certain imports of non-animal origin and the wide range of EU measures that currently foresee trade restrictions for imports presenting chemical and non-chemical 'high risks' from a public health perspective (so-called 'emergency measures'). The Brief closely examines chemical (and also non-chemical) risks associated with imports of non-animal origin and their impact on human health. The authors also consider the role risk analysis is playing to underpin risk-management decisions at EU level, including the scientific output by the European Food Safety Authority (EFSA).
Risk Regulation, Science, and Interests in Transatlantic Trade Conflicts
by David J. HornsbyWhen regions like Canada, the US and the EU have disagreed over the legitimacy of risk perceptions they have placed science at the centre of international trade conflict. By looking across cases disputed and informally resolved, David Hornsby offers to deepen understanding of factors involved in risk based trade conflict.
Risk Science: An Introduction
by Terje Aven Shital ThekdiRisk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information. Risk Science: An Introduction explores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty. The chapters in this work cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book also provides broader key reading for students and scholars in other domains, including business, engineering and public health.
Risk Science: An Introduction
by Terje Aven Shital ThekdiRisk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information. Risk Science: An Introduction explores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty.The chapters in this book cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions.This revised and updated second edition features an entirely new chapter on the integrity and quality of risk studies, and dealing with misinformation in the context of risk. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book also provides broader key reading for students and scholars in other domains, including business, engineering and public health.
Risk Sharing in the Euro Area: Legal Aspects
by Georgios PsaroudakisThe book offers a horizontal legal analysis on the problematic of risk sharing, which arises inevitably in an economic and political integration process, such as in the European Union, and even more so in the euro area. The question is how the burden of adverse economic developments is spread across the integration area, in this case the euro area, whether risk is distributed evenly and what risk sharing mechanisms apply.The book looks at the legal basis and the concrete stage of development of such mechanisms in European law, as well as at divergences among national legal orders and practices as a source for risk asymmetries. Individual contributions refer in particular to the areas of banking, capital markets and unemployment insurance.The point of view adopted in the book is important for everyone who wants to develop a robust understanding of the practical functioning of the complex integration process regulated by EU law.
Risk, Technology, and Moral Emotions (Routledge Studies in Ethics and Moral Theory)
by Sabine RoeserRisks arising from technologies raise important ethical issues. Although technologies such as nanotechnology, biotechnology, ICT, and nuclear energy can improve human well-being, they may also convey risks for our well-being due to, for example, abuse, unintended side-effects, accidents, and pollution. As a consequence, technologies can trigger emotions, including fear and indignation, which often leads to conflicts between stakeholders. How should we deal with such emotions in decision making about risky technologies? This book offers a new philosophical theory of risk emotions, arguing why and how moral emotions should play an important role in decisions surrounding risky technologies. Emotions are usually met with suspicion in debates about risky technologies because they are seen as contrary to rational decision making. However, Roeser argues that moral emotions can play an important role in judging ethical aspects of technological risks, such as justice, fairness, and autonomy. This book provides a novel theoretical approach while at the same time offering concrete recommendations for decision making about risky technologies. It will be of interest to those working in different areas of philosophy—such as ethics, decision theory, philosophy of science, and philosophy of technology—as well as scholars in the fields of psychology, public policy, science and technology studies, environmental ethics, and bioethics.
Risk, Uncertainty and Government
by Pat O'MalleyBoth risk and uncertainty are neo-liberal concepts, which can be viewed as complementary techniques for governing diverse aspects of life, rather than natural states of things. This new book examines the way these constructs govern the production of wealth through 'uncertain' speculation and 'calculable' investment formulae. The way in which risk and uncertainty govern the minimisation of harms through insurance and through the uncertain practices of 'reasonable foresight' is discussed, and O Malley looks at the way these same techniques were historically forged out of moral and social beliefs about how to govern properly. In addition, the book analyzes is how, during this process, ideas such as 'contract' and distinctions between insurance and gambling were invented to order to 'properly' govern the risky and uncertain future.
The Risks and Ethics of Human Gene Editing: A Philosophical Guide to the Arguments (Technikzukünfte, Wissenschaft und Gesellschaft / Futures of Technology, Science and Society)
by Madeleine Hayenhjelm Christer NordlundThis Open Access book is about the risks and the ethics of human germline gene editing, i.e., the possibility to make heritable changes to the DNA of early human embryos or germ cells. Is there something particularly morally problematic about editing the human germline? Is there something unique about germline editing, and, if so, does this suggest that we ought not to edit the human germline, or only in particular circumstances or for particular purposes? What would be a wise and responsible approach to editing the human germline from a moral perspective? The book has three broad aims. First, to present an inclusive map over the current scholarly debate on the ethics of human germline gene editing. Second, to provide a philosophical and critical guide to the various ideas and arguments in this debate. Third, to apply an ethics of risk perspective and defend a morally cautious position on human germline gene editing.
Risks and Regulation of New Technologies (Kobe University Monograph Series in Social Science Research)
by Tsuyoshi Matsuda Jonathan Wolff Takashi YanagawaHow should we proceed with advanced research of humanities and social sciences in collaboration? What are the pressing issues of this new trend in a cataclysmic time for civilization? This book, originated with a Japan Society for the Promotion of Science (JSPS) Topic-Setting Program, addresses these challenging questions in four parts for innovating twenty-first-century humanities and social sciences. It broadens the horizon for reviewing multi-disciplinary landscapes of risks and regulation of new technologies by focusing on paradigmatic cases from the fields of life and environment. Here, genome editing for reproductive treatment and renewable energy under the constraint of climate change in Japanese and global contexts are involved. The volume comprises a combination of topics and aspects such as public policy and philosophy of science, medicine and law, climate ethics, and the economics of electricity. This edited collection will thus motivate forward-thinking readers across the diverse spectrum of social sciences and humanities to survey themes of their own interests in multi-disciplinary studies. In so doing, they can explore the evolving frontiers of those disciplines and the depths of individual contributions by experts in philosophy, ethics, law, economics, and science, technology, and society (STS), including bioscience.
Risky Play: An Ethical Challenge (Critical Cultural Studies of Childhood)
by Øyvind Kvalnes Ellen Beate Hansen SandseterThis open access book brings together current childhood research and contemporary ethical theory to draw attention to how children depend upon a scope of action for risky play for their mental and physical development. In many countries, the opportunities for children to play away from adults' close attention have decreased. At both school and home, protection and avoidance of harm take increasing priority. This book draws a distinction between do-good ethics and avoid-harm ethics to highlight ethical tensions and dilemmas encountered by professionals who work with children, and suggests better ways to balance these ethical dimensions in approaching risky play.