Risk Governance

Risk Governance

IMPORTANCE OF CONTEXT Risk governance cannot take place in isolation.
Nor is it something that can be applied in a standard way in all locations, political
cultures, organizations and risk situations. The entire risk governance process ...

Author: Ortwin Renn

Publisher: Taylor & Francis

ISBN: 9781136557972

Category: Business & Economics

Page: 368

View: 216

Risk Governance is a tour de force. Every risk manager, every risk analyst, every risk researcher must read this book - it is the demarcation point for all further advances in risk policy and risk research. Renn provides authoritative guidance on how to manage risks based on a definitive synthesis of the research literature. The skill with which he builds practical recommendations from solid science is unprecedented. Thomas Dietz, Director, Environmental Science and Policy Program, Michigan State University, USA A masterpiece of new knowledge and wisdom with illustrative examples of tested applications to realworld cases. The book is recommendable also to interested students in different disciplines as a timely textbook on 'risk beyond risk'. Norio Okada, Full Professor and Director at the Disaster Prevention Research Institute (DPRI), Kyoto University, Japan There are classic environmental works such as The Tragedy of the Commons by Hardin, Risk Society by Beck, The Theory of Communicative Action by Habermas, and the seminal volumes by Ostrom on governing the commons. Renns book fits right into this series of important milestones of environmental studies. Jochen Jaeger, Professor at Concordia University, Montreal, Canada Risk Governance provides a valuable survey of the whole field of risk and demonstrates how scientific, economic, political and civil society actors can participate in inclusive risk governance. Jobst Conrad, Senior Scientist, Social Science Research Center Berlin, Germany Renn offers a remarkably fair-minded and systematic approach to bringing together the diverse fields that have something to say about 'risk'. Risk Governance moves us along the path from the noisy, formative stage of thinking about risk to one with a stronger empirical, theoretical, and analytical foundation. Baruch Fischhoff, PhD, Howard Heinz University Professor, Carnegie Mellon University, Pittsburgh, USA 'I cannot describe how impressed I am at the breadth and coherence of Renn's career's work! Written with remarkable clarity and minimal technical jargon... [this] should be required reading in risk courses!' John Graham, former director of the Harvard Risk Center and former deputy director of the Office of Budget and Management of the Unites States Administration This book, for the first time, brings together and updates the groundbreaking work of renowned risk theorist and researcher Ortwin Renn, integrating the major disciplinary concepts of risk in the social, engineering and natural sciences. The book opens with the context of risk handling before flowing through the core topics of assessment, evaluation, perception, management and communication, culminating in a look at the transition from risk management to risk governance and a glimpse at a new understanding of risk in (post)modern societies.
Categories: Business & Economics

Global Risk Governance

Global Risk Governance

Context and Purpose I particularly liked the discussion of the motivation and
purpose of the IRGC risk governance framework as set forth in its Preface: The
establishment of IRGC was the direct result of widespread concern within the
public ...

Author: Ortwin Renn

Publisher: Springer Science & Business Media

ISBN: 1402067992

Category: Technology & Engineering

Page: 370

View: 316

The establishment of the International Risk Governance Council (IRGC) was the direct result of widespread concern that the complexity and interdependence of health, environmental, and technological risks facing the world was making the development and implementation of adequate risk governance strategies ever more difficult. This volume details the IRGC developed and proposed framework for risk governance and covers how it was peer reviewed as well as tested
Categories: Technology & Engineering

Project Risk Governance

Project Risk Governance

risk. governance. Constructs of PRG Maturity Variables of PRG Maturity Projects
in Organisations Project- versus Product-Based Organisation The Project-Based
Organisation (PBO): Implications, Advantages, Complexities PBO Structures ...

Author: Dieter Fink

Publisher: Routledge

ISBN: 9781317074892

Category: Business & Economics

Page: 270

View: 343

In Project Risk Governance, Dieter Fink breaks new ground in two ways. Firstly, he places project risk management in the context of today’s organisations in which objectives are increasingly implemented through projects to better respond to fast-changing markets. Secondly, he applies a governance perspective to examine project risk at the project and corporate levels, an approach which is significantly under-researched and for which theoretical knowledge and professional practice are at an early stage of maturity. Project risk governance falls between corporate governance and project governance and is attracting increasing attention. The author argues that there are two reasons for this. The first is the ’projectisation’ of organisations, in particular within organisations conforming to the Project-Based Organisation (PBO) model. The second is the prevalence of a strategic approach to managing risk for the purposes of protecting organisational values and creating competitive advantage. The book addresses governance, strategy, value management and building enterprise-wide Project Risk Governance (PRG) capabilities. Chapters examine the role of projects in organisations and the need to integrate project and business strategy within the framework of the Project-Based Organisation. PRG is introduced via its links with corporate and project governance and its scope is covered in chapters that identify relevant processes, structures and relationship mechanisms. Contextual influences such as the professionalisation of project management are recognised and insights provided to increase readers’ understanding of uncertainty, risk events, and probabilities and of the essential requirements of managing risks at project level. The final chapter provides a roadmap to the stages and dimensions of a PRG maturity model.
Categories: Business & Economics

Transboundary Risk Governance

Transboundary Risk Governance

Michael Power denotes this shift as a move from risk analysis to risk governance.
The 'governing gaze' has turned from how risk is defined, analysed and
calculated to the governance of the organizations that analyse risk (Power, 2007,
p19).

Author: Rolf Lidskog

Publisher: Earthscan

ISBN: 9781849774642

Category: Business & Economics

Page: 177

View: 707

Governing environmental risk, particularly large-scale transboundary risks associated with climate change and pollution, is one of the most pressing problems facing society.
Categories: Business & Economics

Risk Governance

Risk Governance

governance frameworks that span jurisdictions from the local to the international.
While risk reduction is greatly enhanced by preparatory and preventive action at
the local scale, disaster response and recovery generally requires the financial, ...

Author: Urbano Fra.Paleo

Publisher: Springer

ISBN: 9789401793285

Category: Technology & Engineering

Page: 515

View: 269

This book explores the common language of politics, ecology and risk, and crosses their conceptual divides. It seeks to shed light on the underlying structural factors, processes, players and interactions in the risk scenario, all of which influence decision-making that both increases and reduces disaster risk. The first section explores risk governance under conditions of increasing complexity, diversity and change. The discussion includes chapters on The problem of governance in the risk society; Making sense of decentralization; Understanding and conceptualizing risk in large-scale social-ecological systems; The disaster epidemic and Structure, process, and agency in the evaluation of risk governance. Part II, focused on governance in regions and domains of risk, includes nine chapters with discussion of Climate governance and climate change and society; Climate change and the politics of uncertainty; Risk complexity and governance in mountain environments; On the edge: Coastal governance and risk and Governance of megacity disaster risks, among other important topics. Part III discusses directions for further advancement in risk governance, with ten chapters on such topics as the transition From risk society to security society; Governing risk tolerability; Risk and adaptive planning for coastal cities; Profiling risk governance in natural hazards contexts; Confronting the risk of large disasters in nature and Transitions into and out of a crisis mode of socio-ecological systems. The book presents a comprehensive examination of the complexity of both risk and environmental policy-making and of their multiple—and not always visible—interactions in the context of social–ecological systems. Just as important, it also addresses unseen and neglected complementarities between regulatory policy-making and ordinary individual decision-making through the actions of nongovernmental actors. A range of distinguished scholars from a diverse set of disciplines have contributed to the book with their expertise in many areas, including disaster studies, emergency planning and management, ecology, sustainability, environmental planning and management, climate change, geography, spatial planning, development studies, economy, political sciences, public administration, communication, as well as physics and geology.
Categories: Technology & Engineering

Integrated Risk Governance

Integrated Risk Governance

With the efforts of nearly five years made by Chinese and foreign scientists,
International Human Dimensions Programme on Global Environmental Change
— Integrated Risk Governance Project (IHDP-IRG) was eventually declared for
kickoff ...

Author: Peijun Shi

Publisher: Springer Science & Business Media

ISBN: 9783642316418

Category: Nature

Page: 244

View: 719

"Integrated Risk Governance: Science Plan and Case Studies of Large-scale Disasters" is the first book in the IHDP-Integrated Risk Governance Project Series. It consists of two parts: Part I: Integrated Risk Governance Project Science Plan, which outlines the challenge, research programme, outcomes, and implementation strategy of the IRG Project; and Part II: Case Studies of Large-scale Disasters, which includes case analyses of experience, lessons learned and recommendations on various large-scale disasters around the world, such as the Tangshan and Wenchuan earthquakes and the great ice storm in China, European heat waves, and Hurricane Katrina in the USA. The community model of integrated natural disaster risk governance and paradigm of catastrophe risk governance in China are also presented. Prof. Peijun Shi works at Beijing Normal University, China; Prof. Carlo Jaeger works at Potsdam Institute for Climate Impact Research, Germany; Prof.Qian Ye works at Beijing Normal University, China.
Categories: Nature

Essays on Corporate Risk Governance

Essays on Corporate Risk Governance

INTRODUCTION The primary theme of my work is the governance of corporate
risk. I approach corporate risk governance from two perspectives: monitoring and
incentives. There is a growing literature in finance and accounting that examines
 ...

Author:

Publisher: Stanford University

ISBN: STANFORD:hp926sh2992

Category:

Page:

View: 929

This dissertation comprises three papers on the governance of corporate risk: 1. The first paper investigates the role of organizational structures aimed at monitoring corporate risk. Proponents of risk-related governance structures, such as risk committees or Enterprise Risk Management (ERM) programs, assert that risk monitoring adds value by ensuring that corporate risks are managed. An alternative view is that such governance structures are nothing more than window-dressing created in response to regulatory or public pressure. Consistent with the former view, I find that, in the period between 2000 and 2006, firms with more observable risk oversight structures exhibit lower equity and credit risk than firms with fewer or no observable risk oversight structures. I also provide evidence that firms with more observable risk oversight structures experienced higher returns during the worst days of the 2007-2008 financial crisis and were less susceptible to market fluctuations than firms with fewer or no observable risk oversight structures. Finally, I find that firms without observable risk oversight structures experienced higher abnormal returns to recent legislative events relating to risk management than firms with observable risk oversight structures. 2. The most common empirical measure of managerial risk-taking incentives is equity portfolio vega (Vega), which is measured as the dollar change in a manager's equity portfolio for a 0.01 change in the standard deviation of stock returns. However, Vega exhibits at least three undesirable features. First, Vega is expressed as a dollar change. This implicitly assumes that managers with identical Vega have the same incentives regardless of differences in their total equity and other wealth. Second, the small change in the standard deviation of returns used to calculate Vega (i.e., 0.01) yields a very local approximation of managerial risk-taking incentives. If an executive's expected payoff is highly nonlinear over the range of potential stock price and volatility outcomes, a local measure of incentives is unlikely to provide a valid assessment of managerial incentives. Third, Vega is measured as the partial derivative of the manager's equity portfolio with respect to return volatility. This computation does not consider that this partial derivative also varies with changes in stock price. The second paper develops and tests a new measure of managerial risk-taking equity incentives that adjusts for differences in managerial wealth, considers more global changes in price and volatility, and explicitly considers the impact of stock price and volatility changes. We find that our new measure exhibits higher explanatory power and is more robust to model specification than Vegafor explaining a wide range of measures of risk-taking behavior. 3. The third paper examines the relation between shareholder monitoring and managerial risk-taking incentives. We develop a stylized model to show that shareholder monitoring mitigates the effect of contractual risk-taking incentives on the manager's actions. Consistent with the model, we find empirically that the positive association between the CEO's contractual risk-taking incentives and risk-taking behavior decreases with the level of shareholder monitoring. Furthermore, consistent with the board anticipating and optimally responding to shareholder monitoring, boards of firms exposed to more intense monitoring design compensation contracts that provide higher incentives to take risks. Overall, our results suggest that, when evaluating risk-taking incentives provided by a compensation contract, it is important to account for the firm's monitoring environment.
Categories:

Global Risk Governance in Health

Global Risk Governance in Health

Cases Comparison: Outlook on H1N1 Influenza Pandemic and Conclusions As
globalization continues to blur borders and increase interdependence, risk
transcends national borders, causingmajor challenges inrisk governance. While
risk ...

Author: N. Brender

Publisher: Springer

ISBN: 9781137273574

Category: Social Science

Page: 240

View: 141

Epidemics know no borders and are often characterized by a high level of uncertainty, causing major challenges in risk governance. The author shows the emergence of global risk governance processes and the key role that the World Health Organization (WHO) plays within them.
Categories: Social Science

Risk Governance of Offshore Oil and Gas Operations

Risk Governance of Offshore Oil and Gas Operations

Based on this definition, the three introductory chapters develop a common
perspective on risk governance and robustness. Ortwin Renn in Chapter 1 sets
the stage for the entire book: he explores the applicability of the risk governance
 ...

Author: Preben Hempel Lindøe

Publisher: Cambridge University Press

ISBN: 9781107025547

Category: Business & Economics

Page: 452

View: 672

This book evaluates and compares risk regulation and safety management for offshore oil and gas operations in the United States, United Kingdom, Norway, and Australia. It provides an interdisciplinary approach with legal, technological, and sociological perspectives on their efforts to assess and prevent major accidents and improve safety performance offshore. Presented in three parts, the volume begins with a review of the technical, legal, behavioral, and sociological factors involved in designing, implementing, and enforcing a regulatory regime for industrial safety. It then evaluates the four regulatory regimes that encompass the cultural, legal, and other contextual factors that influence their design and implementation, along with their reliance on industrial expertise and standards and the use of performance indicators. The final section presents an assessment of the resilience of the Norwegian regime and its capacity to keep pace with new technologies and emerging risks, respond to near miss incidents, encourage safety culture, incorporate vested rights of labor, and perform inspection and self-audit functions. This book is highly relevant for those in government, business, academia, and elsewhere in civil society who are involved in offshore safety issues, including regulatory authorities and industrial safety professionals.
Categories: Business & Economics

Risks and Risk Governance in Shale Gas Development

Risks and Risk Governance in Shale Gas Development

performance ofsuch approaches torisk governance in generaland in the
shalegascase mighthelp in evaluatingsuch ... It focused thesecond workshop on
the risk governance contextof shale gas development, seeking to identify
important ...

Author: National Research Council

Publisher: National Academies Press

ISBN: 9780309312608

Category: Social Science

Page: 156

View: 704

Natural gas in deep shale formations, which can be developed by hydraulic fracturing and associated technologies (often collectively referred to as "fracking") is dramatically increasing production of natural gas in the United States, where significant gas deposits exist in formations that underlie many states. Major deposits of shale gas exist in many other countries as well. Proponents of shale gas development point to several kinds of benefits, for instance, to local economies and to national "energy independence". Shale gas development has also brought increasing expression of concerns about risks, including to human health, environmental quality, non-energy economic activities in shale regions, and community cohesion. Some of these potential risks are beginning to receive careful evaluation; others are not. Although the risks have not yet been fully characterized or all of them carefully analyzed, governments at all levels are making policy decisions, some of them hard to reverse, about shale gas development and/or how to manage the risks. Risks and Risk Governance in Shale Gas Development is the summary of two workshops convened in May and August 2013 by the National Research Council's Board on Environmental Change and Society to consider and assess claims about the levels and types of risk posed by shale gas development and about the adequacy of existing governance procedures. Participants from engineering, natural, and social scientific communities examined the range of risks and of social and decision-making issues in risk characterization and governance related to gas shale development. Central themes included risk governance in the context of (a) risks that emerge as shale gas development expands, and (b) incomplete or declining regulatory capacity in an era of budgetary stringency. This report summarizes the presentations on risk issues raised in the first workshop, the risk management and governance concepts presented at the second workshop, and the discussions at both workshops.
Categories: Social Science

OECD Reviews of Risk Management Policies Boosting Resilience through Innovative Risk Governance

OECD Reviews of Risk Management Policies Boosting Resilience through Innovative Risk Governance

Risk Impacts Resilience Measures Natural risks Geophysical: earthquakes,
volcano, mass movement (dry), ... impact on human health Risk identification and
assessment Multi-hazard risk assessment, multi-stakeholder risk assessment, ...
Examples of multifunctional risk mitigation measures Multifunctional dams:
BOOSTING RESILIENCE THROUGH INNOVATIVE RISK GOVERNANCE ©
OECD 2014 ...

Author: OECD

Publisher: OECD Publishing

ISBN: 9789264209114

Category:

Page: 148

View: 574

This report examines what countries have achieved in terms of strengthening resilience through better risk management and identifies persisting challenges.
Categories:

OECD Reviews of Risk Management Policies Future Global Shocks Improving Risk Governance

OECD Reviews of Risk Management Policies Future Global Shocks Improving Risk Governance

Improving Risk Governance OECD ... First, risk managers must identify the hubs
of critical systems and resources, which if disrupted could trigger a series of
adverse knock-on effects. They also need to investigate how dependency on a
single ...

Author: OECD

Publisher: OECD Publishing

ISBN: 9789264114586

Category:

Page: 140

View: 540

This report provides strategic advice on preparing for and responding to potential global shocks.
Categories:

Risk Management and Governance

Risk Management and Governance

The risk governance process, as it has been described in Chap. 4 implies
decisionmaking processes which affect various groups of actors. On a general
level, there is the distinction between the risk producers on the one hand, and
those who ...

Author: Terje Aven

Publisher: Springer Science & Business Media

ISBN: 3642139264

Category: Science

Page: 278

View: 197

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.
Categories: Science

OECD Reviews of Regulatory Reform Risk and Regulatory Policy Improving the Governance of Risk

OECD Reviews of Regulatory Reform Risk and Regulatory Policy Improving the Governance of Risk

Yet it is precisely because regulation is so often relied upon to address risks that
improvements to the risk governance frameworks has such potential to improve
social welfare, by ensuring that regulatory approaches are efficient, effective and
 ...

Author: OECD

Publisher: OECD Publishing

ISBN: 9789264082939

Category:

Page: 248

View: 598

This publication presents recent OECD papers on risk and regulatory policy. They offer measures for developing, or improving, coherent risk governance policies.
Categories:

Corporate Value of Enterprise Risk Management

Corporate Value of Enterprise Risk Management

298 & Risk Governance activities will actually look like, the comprehensive risk
governance structure required to support them cannot easily be determined. Now
that we have completed our discussions of the ERM framework and the ERM ...

Author: Sim Segal

Publisher: John Wiley & Sons

ISBN: 1118023307

Category: Business & Economics

Page: 432

View: 674

The ultimate guide to maximizing shareholder value through ERM The first book to introduce an emerging approach synthesizing ERM and value-based management, Corporate Value of Enterprise Risk Management clarifies ERM as a strategic business management approach that enhances strategic planning and other decision-making processes. A hot topic in the wake of a series of corporate scandals as well as the financial crisis Looks at ERM as a way to deliver on the promise of balancing risk and return A practical guide for corporate Chief Risk Officers (CROs) and other business professionals seeking to successfully implement ERM ERM is here to stay. Sharing his unique insights and experiences as a recognized global thought leader in this field, author Sim Segal offers world-class guidance on how your business can successfully implement ERM to protect and increase shareholder value.
Categories: Business & Economics

Risk Global Governance and Security

Risk  Global Governance and Security

Risk,. global. governance. and. security. Being at global risk is the human
condition of the 21st century. (Ulrich Beck, 2006b) Introduction The guiding
principle and overarching theoretical premise of this book is that global risks such
as ...

Author: Yee-Kuang Heng

Publisher: Routledge

ISBN: 9781134028955

Category: History

Page: 224

View: 923

This book applies risk society theory to the 'War on Terror', steering the discussion away from the militaristic discourse of the Bush era towards an emphasis on global cooperation and a new cosmopolitan agenda. The literature and rhetoric of the 'War on Terror' has been dominated by dramatic high-profile military campaigns and division in the international community. This overlooks the various multilateral practices and cooperative processes that are emerging to combat global terrorism. President Bush himself had initially been at pains to stress that his 'war' on terror would be like no other; it would involve not just military tools but financial, intelligence, police and diplomatic measures too. More than eight years later, the time is right for an in-depth evaluation of this 'other' war on terror. Yet these relatively mundane regulatory dimensions have received much less attention than the 'hot' wars in Afghanistan and Iraq, where ongoing difficulties suggest that military force alone is inadequate in controlling globalised terrorism. This book aims to redress this imbalance, by foregrounding these initiatives, tracing their implementation and reflecting on the implications for International Relations. Adopting an analytical approach that seeks to incorporate theories of risk, global governance and security, this book aims to explore the overlapping multi-level and multi-lateral dynamics of the emerging global security architecture which have remained neglected and unmapped thus far in the war on terror. This book will be of interest to students of risk politics, security studies, global governance and IR in general. Yee-Kuang Heng is Lecturer in International Relations, University of St Andrews, UK. Kenneth McDonagh is Lecturer in International Relations in the School of Law and Government, Dublin City University.
Categories: History

Corporate Governance Risk Management and Corporate Governance

Corporate Governance Risk Management and Corporate Governance

1.1. Risk. governance. requirements/recommendations. for. listed. companies.
Board responsibilities Board-level committee Internalcontrol/
riskmanagementsystem Chief risk officers Audit Risk Argentina C L/R C C C
Australia Austria L/C L*/C* ...

Author: OECD

Publisher: OECD Publishing

ISBN: 9789264208636

Category:

Page: 94

View: 912

This sixth peer review of the OECD Principles of Corporate Governance analyses the corporate governance framework and practices relating to corporate risk management, in the private sector and in state-owned enterprises.
Categories:

Foucault Health and Medicine

Foucault  Health and Medicine

Risk , governance and the new public health Alan Petersen This chapter
explores the utility of the concepts of risk and governance , as developed by
Foucauldian scholars , in the analysis of the health promotion strategies of the so
- called ...

Author: Alan R. Petersen

Publisher: Psychology Press

ISBN: 0415151775

Category: Social Science

Page: 256

View: 532

This 'state of the art' overview of Foucaldian scholarship in health and medicine assesses the profound impact of Foucault's work and shows how key researchers in the sociology of health and illness are currently engaging with his work.
Categories: Social Science

Engineering Risk Management

Engineering Risk Management

Risk. governance. Most of us are taught to think about the long-term
consequences of our actions, but it is a life lesson ... any organization going
bankrupt, having lots of losses or having major financial problems, into "It's the
risk governance, ...

Author: Thierry Meyer

Publisher: Walter de Gruyter

ISBN: 9783110285161

Category: Technology & Engineering

Page: 296

View: 745

The book presents risk management from an engineering perspective. Both a systemic and analytic viewpoint are important in this regard. The introduction to the concept of 'risk' is followed by risk management principles, risk diagnostic, analysis and treatment, event analysis, crisis management, economic issues, risk governance followed by examples of practical implementation in chemistry, physics and emerging technologies such as nanoparticles. Finally, also a number of well-known major industrial accidents are discussed, and how one can learn from accidents. The book is aimed at anyone faced with risk and safety issues. The target audience can be as diverse as students, engineers, scientists, sociologists, psychologists, or actually all practitioners and academics interested in the matter.
Categories: Technology & Engineering