The Tolerability of Risk

There is an increasing dissatisfaction about how risk is regulated, leading to vivid debates about the use of 'risk assessment' and 'precaution'. As a result, academics, government officials and industry leaders are calling for new approaches and fresh ideas. This book provides a historical and topical perspective on the alternative concept of 'Tolerability of Risk' and its concrete regulatory applications. In the UK, Tolerability of Risk has been developed into a sophisticated framework, particularly within the health and safety sectors. It is expected to guide decision-makers when applying their legal obligation of keeping risks as low as practically reasonable. Could "Tolerability of Risk" become a wider source of inspiration across the full scope of risk analysis and management? Written by leading academics and risk practitioners from industry and government, "The Tolerability of Risk" presents a summary of theoretical perspectives on risk approaches, providing a detailed elicitation of the methods and approaches used to build the Tolerability of Risk framework and examining the prospect of universal application of that framework. From nuclear power to environmental pollution, climate change and drug testing, the "Tolerability of Risk" framework may offer a workable, pragmatic solution for balancing risks against the costs involved in controlling them, as well as developing the institutional capacity to make effective decisions in all jurisdictions worldwide.

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'The Tolerability of Risk... offers a well-reasoned pitch on behalf of a framework for risk managers who need to move from a risk problem to a management solution and who want to do so with sensitivity to the many likely constituents who will perceive a stake in the outcome.' Science Communication

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Frederic Bouder is a senior policy analyst at the King's Centre for Risk Management, King's College London, UK. David Slavin is a certified occupational physician and ex-nuclear safety regulator, currently working to develop new business models for Pfizer Inc. Ragnar E. Lofstedt is Professor of Risk Management and Director of King's Centre for Risk Management. He is a renowned expert in the changing nature of regulation in Europe and the role of public's trust in understanding present day regulation.

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* Introduction * Part I - Concepts * Components of the Risk Governance Framework * The Risk Handling Chain * Wider Governance Issues * Part II - Experiences * A Historical Perspective on Tolerability of Risk * Tolerability of Risk: The Regulator's Story * Applying the HSE's Risk Decision Model: Reducing Risks, Protecting People * What Makes Tolerability of Risk Work? Exploring the Limitations of its Applicability to Other Risk Fields * Conclusion * Index

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