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2. Second Lesson: Process and Main Elements of Risk Management

  • 2025
  • OriginalPaper
  • Chapter
Published in:
Authors
Xingwei Zhen
Jan-Erik Vinnem
Published in
Ten Lessons on Risks
Publisher
Springer Nature Switzerland

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Abstract

This chapter delves into the process and main elements of risk management, focusing on the debate between quantitative and qualitative risk assessment methods. It highlights the advantages of quantitative risk assessment (QRA) over qualitative methods, emphasizing precision and trustworthiness. The text outlines the selection of risk assessment methods based on technical constraints, organizational limitations, and operational complexities, adhering to ISO 17776 and ISO 31000 standards. It details the risk management process, including scope, context, criteria, risk assessment, risk treatment, communication, consultation, monitoring, review, recording, and reporting. The chapter also discusses the main elements of risk management, such as identifying major accident hazards, analyzing consequences, evaluating risk, and implementing risk treatment options. Additionally, it addresses the challenges faced in QRA studies, including data availability, risk analysis, and ethical considerations. The chapter concludes with a set of questions to reinforce understanding and encourage critical thinking about risk management practices.
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“Reasonably practicable” is a narrower term than “physically possible” and implies that a computation must be made by the owner in which the quantum of risk is placed on one side of scale and the sacrifice involved in the measures necessary for averting the risk (whether in money, time or trouble) is placed on the other side, and that, if it be shown that there is a gross disproportion between them—the risk being insignificant in relation to the sacrifice—the defendants discharge the onus on them.
—Court of Appeal (1949)

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previous chapter First Lesson: Risk Understanding
next chapter Third Lesson: Accident Lessons and Investigations
Title
Second Lesson: Process and Main Elements of Risk Management
Authors
Xingwei Zhen
Jan-Erik Vinnem
Copyright Year
2025
Book
Ten Lessons on Risks

Print ISBN: 978-3-031-99063-2

Electronic ISBN: 978-3-031-99064-9

Copyright Year: 2025

DOI
https://doi.org/10.1007/978-3-031-99064-9_2
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