Risk governance: Concept and application to institutional risk management

Abstract

The chapter addresses the requirements for a risk governance framework that is inspired by the works of the International Risk Governance Council (IRGC). Risk governance is exposed to three major challenges that result from a lack of knowledge and/or competing knowledge claims about the risk problem: complexity, scientific uncertainty, and sociopolitical ambiguity. To deal with these three challenges, the chapter illuminates a risk governance model that augments the classical model of risk analysis (risk assessment, management, communication) by including steps of pre-estimation, interdisciplinary risk estimation, risk characterization and evaluation, risk management, as well as monitoring and control. This new risk governance model also incorporates expert, stakeholder, and public involvement as a core feature in the stage of communication and deliberation.