The consequences of taking on risk can be ruinous to personal finances, professional careers, corporate survivability, and even nation states. Yet many risk managers do not have a clear understanding of the basics. Requiring no statistical or mathematical background, The Fundamental Rules of Risk Management gives you the knowledge to successfully handle risk in your organization. The book begins with a deep investigation into the behavioral roots of risk. Using both historical and contemporary contexts, author Nigel Da Costa Lewis carefully details the indisputable truths surrounding many of the behavioral biases that induce risk. He exposes the fallacy of the wisdom of experts, explains why you cannot rely on regulators, outlines the characteristics of the "glad game," and demonstrates how high intelligence or lack thereof can lead to loss of hard-earned wealth. He also discusses the weaknesses and failures of modern risk management. Moving on to elements often overlooked by risk managers, Dr. Lewis traces the link between corporate governance and risk management. He then covers core lessons surrounding the role of risk managers as well as the difficult subject of integrated, single lens analysis of risk. The book also explores aspects of spreadsheet risk and draws on lessons learned in the information systems and software engineering communities to provide guidance on selecting the right risk management system. It concludes with a discussion on the most dominant of risk measures-value at risk. Having a clear understanding about risk separates successful professionals, companies, and economies from history's forgotten failures. Through examples and case studies, this thought-provoking book shows how the rules of risk can work to protect and enhance investor value.

From Main Street to Mumbai, Managing Emerging Risk: The Capstone of Preparedness considers the new global drivers behind threats and hazards facing all those tasked with protecting the public and private sector. The text delves into the global mindset of public and private sector emergency managers and presents a new risk landscape vastly different from the one existing ten years ago. The book begins by presenting a series of fictitious scenarios each resulting in mass destruction and fatalities. These are each followed by actual news stories that support the scenarios and demonstrate that the proposed events-seemingly unthinkable-have the potential to occur. Next, the author identifies two drivers in the practice of emergency management and general preparedness today that constitute our view of the future and the new face of risk. The first is the Disaster Halo Effect-the idea that modern threats exhibit more than one event. The second is the worldview of our nation as a Market State focused on the trading of goods, services, and ideas among the nation-states. The book also reviews the history of preparedness and discusses its relationship with large-scale threats, establishing that hindsight bias has hurt our ability to plan and respond to the unexpected. The chapters that follow explore what is needed to better cultivate, design, develop, and operate emerging management and preparedness thinking in the current environment. Each chapter begins with key terms and objectives and ends with thought-provoking questions. Introducing a new paradigm of thought that takes into account the chief influencers of global threats, the book arms emergency and business operations managers with the ammo needed to successfully confront emerging threats in the 21st century.

As there has been a continued increase in the demand for higher levels of safety, security and reliability for all critical infrastructures, the design, construction, and operation of dams should be integrated as part of a comprehensive risk management framework that can effectively address natural and manmade hazards. As an effect, in recent years integrated management strategies have become more and more important, and as such, their related implementation efforts should include aspects such as sustainability, resilience, and public participation. Risk Analysis, Dam Safety, Dam Security, and Critical Infrastructure Management offers the state of the art on risk analysis, representing a primary tool for achieving effective management of critical infrastructures along with a suitable framework for the development of risk management models regarding natural, technological and human-induced hazards.

One of the seventeen critical infrastructures vital to the security of the United States, the water supply system remains largely unprotected from the threat of terrorism, including possible revenge by Al Qaeda over the killing of Osama Bin Laden. Recognizing and identifying prospective events of terrorism against the water infrastructure is critical to the protection of the nation, as the consequences triggered by a terrorist attack on the water supply would be devastating. Risk Assessment for Water Infrastructure: Safety and Security provides a unique quantitative risk assessment methodology for protection and security against terrorist contamination, vandalism, attacks against dams, and other threats to water supply systems. Focusing on the human safety, environmental, and economic consequences triggered by potential terrorist attacks and other threats, the book presents: The development of an integrated approach of risk assessment based upon the cumulative prospect theory The qualitative/quantitative processes and models for security and safe facility operations as required by EPA, DHS, and other governmental and regulatory agencies The application of an integrated model to the risk assessment of surface water, dams, wells, wastewater treatment facilities, reservoirs, and aqueducts of large urban regions The development of intelligence analysis incorporating risk assessment for terrorism prevention Finally, the book presents the legal and regulatory requirements and policy related to the protection and security of water infrastructure from terrorism and natural hazards to both human health and the environment. By analyzing potential terrorist risks against the water supply, strategic improvements in U.S. water infrastructure security may be achieved, including changes in policy, incorporation of intrusion detection technology, increased surveillance, and increased intelligence. More information can be found on the author's website.

This new anthology is a comprehensive introduction to the field of risk theory. The introduction provides the ideal starting point for students and professionals new to risk studies and offers a concise refresher for researchers and practitioners. Coverage includes the origins of the 'concept of risk' and its often misunderstood cousin 'uncertainty, ' before moving on to address risk perception, risk communication, the idea of trust and post trust as well as risk in policy and regulation with a close look at the Precautionary Principle. Following the introduction, the volume includes a selection of the most significant and influential works on risk in their entirety. These selections, organized thematically to cover the breadth and depth of the field, provide greater detail and elaborate on the key themes and major developments in risk studies. Together they comprise the essential literature necessary for a full understanding of risk theory and practice on any issue and in any context.

Calculating Political Risk is rich and illuminating, and much more than a political science treatise. Althaus draws on diverse literature, extensive interviews and intriguing case studies to offer interdisciplinary, practical and nuanced insight. This book provides new perspectives and more precise language for making sense of a critical dimension of politics, policy-making and public management. Evert Lindquist, Director and Professor, School of Public Administration, University of Victoria, Canada This powerful new book is the first ever examination of the hard edge of how political risk - something faced by all political actors innumerable times every day - is calculated and used in decision-making. It opens with an outline of the historical and linguistic origins of risk, the various disciplinary understandings of risk, the risk society concept, and how risk has come to be so prominent in the context of environmental disaster and terrorism. The book then defines political risk and looks at its manifestations in the public sector, from project to high-level political risk. It also looks at risk identification versus risk management and compares the concept of political risk with the private sector practice of risk management. Unique research findings from interviews with over 100 risk practitioners and politicians provide a detailed look at how political actors calculate political risk. Case study-based chapters look in-depth at neat and discrete examples: risk calculation in state development plans in Australia; political risk identification and management in the UK during the mad cow crisis; and US government risk calculation in the post-September 11 context. The final chapters draw together the experiences and lessons learned from the case studies and practitioner insights to formulate a better understanding of what political risk is and what its calculation means in political practice. The author shows how political risk calculation provides a fresh perspective on policy analysis and identifies how political risk is relevant to a broader understanding of politics and political science, as well as policy formulation and implementation on the ground.

The question as to whether we are now entering a risk society has become a key debate in contemporary social theory.Risk and Technological Culture presents a critical overview of the main theories of risk - from Ulrich Beck's foundational work to that of his contemporaries Anthony Giddens and Scott Lash - and assesses the extent to which risk has impacted on modern societies. In this discussion, van Loon demonstrates how new technologies are transforming the character of risk, and examines the relationship between technological culture and society through substantive chapters on topics such as ecology, violent crime and communication technologies. In so doing, this innovative new book extends the debate to encompass theorists such as Jean-François Lyotard, Bruno Latour and Donna Haraway.

eBook available with sample pages: 0203466381