The Tolerability of Risk: A New Framework for Risk Management

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.

Frederic Bouder, formerly with the Organisation for Economic Co-operation and Development, is a senior policy analyst at the King's Centre for Risk Management, King's College London, UK, where he is developing pioneering research on pharmaceutical, chemical and nuclear risk regulation. David Slavin is a certified occupational physician and ex-nuclear safety regulator, currently working to develop new business models for Pfizer Inc. Ragnar E. Löfstedt 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. He is Series Editor of the Risk, Society and Policy Series, and author or editor of numerous books, including Facility Siting (2004), Transboundary Risk Management (2001), The Earthscan Reader in Risk and Modern Society (1998) and Cases in Climate Change Policy (1997).